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1Graydon Annual report 2017

Graydon Holding N.V.Hullenbergweg 2601101 BV AmsterdamThe Netherlands

ANNUAL REPORT

2017Graydon Holding N.V.

Entered in the Trade Registry of the Amsterdam Chamber of Commerce under number 33189409

2 Graydon Annual report 2017

For more than 130 years...

We areTrusted

We areInsightful


Here to help you grow


We areInfluential

We areOne


#wearegraydon

4 Graydon Annual report 20174 Graydon Annual report 2017


Content Profile 4

List of members of theSupervisory Board 6Managing Board 7Board of Directors 7

Annual reportReport of the Supervisory Board Report of the Managing Board

Financial statements • Consolidatedstatementoffinancialpositionasat31December2017 16• Consolidatedstatementofprofitorlossandcomprehensiveincomefor2017 17• Consolidatedstatementofchangesinequityasat31December2017 19• Consolidatedstatementofcashflowsfor2017 20• Notestothe2017consolidatedfinancialstatements 21• Companybalancesheetasat31December2017 48• Companyincomestatementfor2017 49• Notestothe2017companyfinancialstatements 50

Other information Statutoryprofitallocation 42Independentauditor’sreport 43Addresses 46


6

Graydon is an international company with subsidiaries and offices in the Netherlands, Belgium and the United Kingdom, with its statutory seat in Amsterdam. All subsidiaries are fully owned by Graydon Holding N.V. (“Graydon”), which is domiciled in The Netherlands and is the holding company for the Business Information companies across the group and the Collections business in the Netherlands.

For 130 years, Graydon has been delivering valuable information that enables companies to take important financial and commercial decisions. Our founder – Pieter van der Graaf – was convinced that companies should only embark on business journeys, if they were well informed and clear on their destiny. He believed in the power of data and made it his purpose to help companies grow, by providing them accurate and relevant business information. A purpose we are determined to fulfil for current and future generations.

The rise of search engines, news sites, social media, and free data sources increase the need for accurate information. More and more companies are in a struggle to differentiate the true from the false, the relevant from the irrelevant. Having the right information today, will make a difference in business.

Graydon’s data experts have the expertise to identify the right data amid this complexity, filtering and analysing it to provide predictive and insights that will change the way companies operate and evolve. After 130 years, it is in our DNA.

For many decades, companies have relied our scores and business information. Our insights vary from Credit Management Information, Client Due Diligence, Risk & Compliance Solutions and Collection Services to Marketing Information.

Graydon’s Credit Management Solutions offer clients advanced Credit Information services and Credit Collection services. They are powered by an extensive network of databases containing specific and relevant information on businesses in more than 140 countries, covering more than 90 million companies. These databases are continuously updated through a global network of partner agencies. Our specialists draw on the company’s experience of 130 years in the credit management industry.

Graydon’s Credit Collection Services help companies to improve their collections process, optimising working capital and maximising collections, whilst ensuring client relationships are maintained.

Graydon’s Risk and Compliance Solutions support clients in compliance with rules and regulations around Know Your Client and Anti Money Laundering/ Sanctions. The insights we provide enable our clients to validate ownership structure of businesses and early identification of possible fraud.

Graydon’s Marketing Information Services are built from a wide variety of data sources, providing clients with a wealth of information, allowing them to successfully set-up and run their marketing campaigns. The collected data is further enhanced with the client’s own proprietary data and aggregated according to their needs, resulting in an increased return on their marketing investments.

Profile

Graydon Annual report 2017

1.

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4.

In 2017, our strategic roadmap was redefined for the coming five years. We made it our mission to facilitate our clients to grow, by enabling them to identify, accept and develop business with the right B2B partners.

In our strategy, we have established the following elements:

Our clients are essential to everything that we do. We always strive to deliver insights than can truly make an impact on their business. We are proud of the fact that thousands of companies use our services and we aim for the highest standards in accuracy and quality of our information.

The quality of our people, data, and insights are the foundation of our reputation. We are further strengthening our reputation through a Thought Leadership program. We strive to obtain true client intimacy by our sector driven sales strategy. We continuously develop and deliver relevant content to our clients, media relations and business partners.

Our people are our best ambassadors. Their service, expertise and attitude is essential for the relationships that we build and maintain. The service and insights they provide have great impact. We continually invest in the ongoing development of our staff and the quality of our services.

In 2016, Atradius acquired all shares in Graydon and Gertjan Kampman was appointed as CEO of Graydon on the 1st of January 2017. Graydon continues to operate independently, but works closely together with Atradius to strengthen their propositions. In 2017, Graydon had an average workforce of 307 employees and it realised a revenue of EUR 48.6 million with a negative net result of EUR 2.2 million.


To deliver distinctive, innovative solutions

with powerful insights

To return to profitable

growth

To lead in high margin

niches

To be an organisation people

love to work for

To become one integrated

company


Supervisory Board

Dominique Charpentier (1950)Member of the Supervisory Board since 1 January 2017Chairman of the Supervisory Board since 6 March 2017Nationality: FrenchOther Board memberships: Chairman of the Board of LCI sal (LibaneseCreditInsurer,Beirut)

Tom Kaars Sijpesteijn (1967)Member of the Supervisory Board since 1 February 2017Present position: Country Director Atradius NederlandNationality: DutchOther Board memberships: none

Jörg Müller (1967)Member of the Supervisory Board since 1 February 2017Present position: Group IT Director AtradiusNationality: GermanOther Board memberships: none

Marta Nodal Martín (1970)Member of the Supervisory Board since 1 February 2017Present position: Head of Commercial Department and MemberoftheSteeringCommitteeofAtradiusCréditoyCaucióndeSegurosyReaseguros(Country:Spain)Nationality: SpanishOther Board memberships: none

Michel Abbink (1972)Member of the Supervisory Board since 18 May 2017Present position: Co-founder,DirectorofInforcehub,aUK-basedInsurTechNationality: Dutch,BritishOther Board memberships: none


Managing Board

Gertjan Kampman CEO

Board of Directors

CEO Gertjan Kampman CFO Caspar van Haaften (until September 30, 2017) Caroline Schouten (as of January 1, 2018) CIO Idris Ahmad

COO Rob Veneboer


Report of the Supervisory Board

Duringtheyearunderreview,theSupervisoryBoardofGraydonHoldingN.V.(“SupervisoryBoard”)fulfilledallofthedutiesimposedonitbyDutchlawandthearticlesofassociationofGraydonHoldingN.V.(“Graydon”).

The Supervisory Board regularly advised the Board of Directors on the management of the company and monitored its activitiesclosely.Furthermore,theBoardofDirectorsinformedthe Supervisory Board regularly and in a timely fashion of materialaspectsofbusinessdevelopments.TheSupervisoryBoardwaskeptwellinformedoftheearningssituation,risksandriskmanagementinanequallycomprehensiveway.

TheSupervisoryBoardmetfourtimesin2017.Throughoutthesemeetingsthecompany’sstrategy,thegeneralcourseofaffairs,thefinancialreportsandcorporategovernancewerediscussedwiththeBoardofDirectors.

Graydonwillcontinuetopursueitsstrategyofcollectinglargevolumes of data from various sources so to convert these into innovativeinsightsforitsclients.Atradiusbelievesin-andendorses-thisstrategyandhaslongbeenashareholderofGraydon.AtradiusunderstandsthebusinessthatGraydonisinandseestheadvantagesofworkingwithGraydon.

Duetothechangeinshareholder,severalchangeshavebeenmade to the Supervisory Board and the Managing Board. On the1stofJanuary,Mr.DominiqueCharpentierwasappointedto the Supervisory Board and Mr. Gertjan Kampman resigned fromtheSupervisoryBoardfollowinghisappointmentasCEO.Onthe1stofFebruary,Mr.TomKaarsSijpesteijn,Mr.JörgMüllerandMs.MartaNodalwereappointedtotheSupervisoryBoard.Onthe6thofMarch2017,Mr.ThomasLangenresignedasmemberandChairmanfromtheSupervisoryBoard,Mr.DominiqueCharpentierwasappointedtosucceedhim Chairman of the Supervisory Board.

OnbehalfofallmembersoftheSupervisoryBoardwewouldliketoexpressourgratitudetoMr.Langenforhisvaluablecontributions.Onthe18thofMay2017,Mr.MichelAbbinkwasappointedasmemberoftheSupervisoryBoard.

ThisAnnualReportofGraydoncontainsthe2017financialstatementsauditedbyKPMGAccountantsN.V.TheSupervisoryBoardhasdiscussedthe2017financialstatements and the proposed appropriation of the result containedthereinaspresentedbytheManagingBoardofGraydon(“ManagingBoard”)andadvisestheGeneralMeetingofShareholdersofGraydontoadoptthe2017financialstatementsandtogranttheManagingBoardandthe Supervisory Board discharge for the management and supervisorydutiesrespectively,performedduringthe2017financialyear.

TheSupervisoryBoardwishestoexpressitsgratitudetothemembersoftheBoardofDirectorsandallGraydonemployeesfortheirhardworkanddedicationin2017.

Amsterdam,May30,2018

The Supervisory Board:Mr.DominiqueCharpentier,ChairmanMr. Tom Kaars SijpesteijnMs. Marta Nodal MartínMr.JörgMüllerMr.MichelAbbink

11Graydon Annual report 2017 11Graydon Annual report 2017


Report of the Managing Board

CreditInformationremainedunderpressurefromlowcostprovidersintheSMEsegmentofthemarket.Weexpectthistrend to continue and are therefore differentiating our solution categories.Inthehigh-endmarketweworkwithourdedicatedrelationstodevelopadditional,tailormadeservicestoexpandourshareofwalletwithourexistingclients.

Inthemid-marketthepricepressurewillcontinuetoexist.Weareexploringnewwaysofdeliveringourservicesinacosteffectivefashionforbothpartiesandweprovideflexibilityin our contracts to deliver standardised products in a cost effectivewaytomaximizecontractvalue.

Moreover,wehaveinvestedheavilyinprocessoptimisationandICTwhilereducingthecomplexityoftheorganization.Therealisationofasingleplatformoverallcountrieswillleadtoastructurallowercostbase.ThereductionofcostwillmaterialiseinloweroperationalandICT(maintenance)costs. Graydon is creating a cost conscious culture and an agileorganisationtofurtherdrivethecostdownandenhanceflexibility.

Graydonisalsodestinedtogrowthetop-linebyexpandingourportfoliowithexistingclients.OurtrustworthybrandandsubstantiveclientbaseinCreditInformationprovideexcellentcross- and upsell opportunities.

In2017,furtherinvestmentshavebeenmadeinaclientretentionprogram,intensifyingthecontractrenewalprocessandfocussingonoperationalexcellenceinclientservice.Wearegrowingactivelyourclientbase,deployingthesectorapproachtodeliverindustryspecificinsightstoourclientstherebyextendingtheGraydonexperienceanddemonstratingour added value to the prospects.

Graydonisa100%subsidiaryofAtradiusInsuranceHoldingN.V.(“Atradius”).GraydonandAtradiusareworkingtogetherclosely to develop joined propositions and are pursuing prospectstogether.GraydonandAtradiusarealsolookingforsynergies in data analytics and aligning technology choices.

Thecompany’sstrategyisbuiltonacombinationofelementssuchasbuildingdifferentiateddataassetsandanalyticalcapabilities,theimplementationofacentraltechnologyplatform and the constant strive for innovation through digitalisationpairedwithahighlytalentedworkforce.

Thecompanyhasalsodiversifieditsbusinessofferingsoverthe years. Besides the traditionally important Credit Information solutions,revenueismoreandmoregeneratedbyRisk&ComplianceservicesandMarketingInformation.Allbusinesslinesbenefitfromthecontinuedinvestmentsintheunderlyingdata content fundaments.

Financial performance in 2017


TheCreditInformationbusinessdomainisbenefittingfromnewdatasourcesaswellasimprovedanalyticalcapacity.Thishasresultedinfurtherimprovedpredictabilityandtheintroductionofnewscoringabilitiesleadingtobetterrecoverabilityofoverduereceivablesandlowerwrite-offcosts.Additionaldatasources-amongstwhichimprovedinternationalcoverage-havebeenthedriverforimprovementsinthecompany’sRisk&Complianceproposition.Thedemandfortheseservicescontinuestothrivebyfurthertighteninglawsand regulations.

Digitalisationofon-boardingnewclientsisfurtherenhancedbyoptimizeddatacoverageandnewproductfeaturesthathavebeenintroduced.ThisallowsclientstoleverageclientrelationshipsandoptimisethereturnoftheirmarketingcampaignswithMarketingInformationsolutions.

As a result of the developments the overall revenue has decreasedin2017toEUR48.6million.TherevenueincreasedinourgrowthmarketRisk&ComplianceSolutionsandstabilisedinMarketingInformationServices.

Costswerereduced,butduetoongoinginvestmentsrelatedtothetransitionnotatthesamepaceastherevenues,resultinginanegativeresultbeforetaxofEUR1,5McomparedtoEUR1,2Min2016.

Thecostdevelopmentiscurrentlyundercontrol,butGraydoncontinuestoinvestin2018whichhasanimpactonthecostandcapitalizationofinvestments.

In2016apositivetaxeffectwasincluded,whichhasnotmaterialisedthisyear.Thereforethenetresultfor2017isEUR2.2millionnegative.

Thegroupcashpositionmovedinlinewiththeexecutedinvestmentsduringtheyear,resultinginadecreaseincashofEUR4.7million.Duetoongoinginvestments,thetotalcashoutishigherthanthepositiveoperationalcashflows.Thesolvencyrateremainedstableat23.1%.


Returntoprofitablegrowth

In2017,Graydonlaidthefoundationforitsstrategicroadmapfor the coming years. This roadmap is a continuation of our ambitiontodeliverthemostvaluableforward-lookinginsights.Thebusinessinformationmarketisgrowingrapidly,withdataavailabilityandprocessingcapacityincreasingexponentially.

This presents an attractive opportunity for Graydon in the deliveryofhighquality,predictiveinsightstoourclients.Insightsthatwillhelpthemgeneratenewbusinessandtogrowtheirexistingbusiness,butalsotoreducerisk,increasecompliancyandtoimprovetheircashflow.ThevisionofGraydon is to evolve in an integrated multi-domestic provider ofinnovativeinsightsinitscoremarkets.Thecompanyiswellpositionedtorealisethisvision,capitalisingonitsstrengthsindatacoverage,brandandservicedelivery.

Graydon’svaluepropositionwillfollowathree-tierapproachbasedoncoreclientneeds:Tailored,Turn-keyandBasicSolutions,

• GraydonwillaccelerateitsexistingTailoredSolutions businessbydevelopingscalableanalyticalsolutionsina customised delivery for its core client segments. • Turn-keySolutionsareatthecoreofGraydon’scurrent proposition,withinnovativefeaturesandimproved usabilitytostaycompetitive. • Forsmallercompanies,Graydonwillofferabasic,but highquality,costeffectiveonlinesolution.

Wehavetranslatedourclientneedsandindustrytrendsintosolutiondevelopmentandnewscores.Therefore,wehavestarted to accelerate our innovation capacity through strategic partnershipsandco-creationwithourclients,ourparentcompanyAtradius,fintechs,start-ups,universitiesandsectororganisations.



Graydon operates in an industry that is continuously evolving andchanging.Flexibilityandagilityarekeytodeliverthemostvaluableinsightstoourclients,totrulymakeanimpact,helpthemenablegrowth,andlimittheirrisks.

Internally, this means Graydon has been focussing on a number of elements in 2017:

Company culture: Operating in a dynamic international environment,wewanttoachieveapositiveclient-centricculturewhereallemployeesfeelsafeandwelcome.Continuousdevelopmentandinnovationarekeyinouremployeejourney.Toincreaseourinnovationcapacity,weoperateinagile,cross-functionalandinternationalteams.In2017,wecreatedanagileandspecialisedproductownershipteam.

Anew,inspiringworkingenvironmentwhichstimulatesagileworkingwithcreativity,collaboration,innovationandofcoursealsofun!In2017,therefurbishmentofourofficesinAntwerpandAmsterdamcreatedacompletetransformation,introducingspaciousandmodernrooms,withbrightcolours,newfurnitureandflexibleworkingspaces.

Asatechnologyanddata-drivencompany,weinvest in skills e.g. sales training, change management, leadershipprograms,market&industryknowledgeand product trainings..In2017,wefurtheredpromotedlearningonthejob,activecoachingandfeedbackloopsasanessentialpartofourday-to-daybusiness.Wealsofocussedonpersonalcoaching,leadershipprogramsand the attendance of seminars and training. Through ourownGraydonLearningCentre,weofferabroadspectrumoflearningactivitiesandprograms,suchas;e-learnings,webinars,videolearnings,quizzes,podcastsandpublications.Thelearningcentrealsofocussesonthesoftskillsofourstaff,toimprovecommunicationandcollaboration.

In2017,wefurtheredourcapacity to learn from each other and from our clients and business partners. Wespoketobusinessesacrossthemarkets,includingdeep-diveinterviewswithanumberofourclientstolearnfromtheirexperienceswithGraydon,andtheirambitionsinthemarket.Thevaluablefeedbackwereceivedisintegratedintoourprocessesandhowwework.

In2017,weinvested in talented data experts,withspecificknowledgeinbigdataandthedevelopmentof economic and predictive scores. This led amongst otherstothedevelopmentofthegrowthscore.Toprovidetailoredsolutions,wedevelopedAnalyticsasa Service.

Anagileandknowledge-drivenorganisation

1. 4.

5.2.

3.

Here to help you grow


Delivering distinctive, innovative insights

• Analytics as a service through tailored solutions. • Tailored analytics;insightsandscoresweco-create withourclients. • Customised analytics – Analytics as a service. In 2017wedevelopedtheRevenueatriskservice:this enablesbusinessestoidentifytheirclientportfolio rapidlyanddetectwhichclientsarefinanciallymost solidandwhichrevenueisatrisk. • Database management – services to clean and improveclientdatawithourdata.

• Basic, but high quality online information. • Freelancers,contractorsandsmallSME’scan easilyfindbasiccreditinformationthroughourbrand OpenCompanies in the Netherlands.

• Readytouse,turn-keysolutions,suchasourCredit Informationreports,Risk&Compliancesolutionorour MarketingInformationtool. • In2017,wedevelopedthegrowthscore for the DutchandBelgianmarket.Basedonanumberof economicandfinancialvariables,ourscoreisable topredictthegrowthrateforaspecificcompanyand industry.Thisscorewillhaveagreatinfluenceonthe decision-makingprocessaroundinvestmentsandthe delivery of goods and services. • ConnectingdirectlytoclientprocessesviaourAPI solutionshelpsustocreatevaluablenewinsightswith ourclients.In2017welaunchedtheGraydon.iosite, whichledtothecreationoftheDecision model API. • WecontinuedthedevelopmentofourGraydon Insights Platform and the delivery of the Graydon Market Information solution,launchedinthefirst quarterof2018.

In2017wealsolaunchedacollaborationprogramwiththeJheronimusAcademyofDataScience,whichisaventurebetweenTilburgUniversityandEindhovenTechnicalUniversitytocollaborateonvariousstudies.Oneoftheseisto determine the DNA ofgrowth:whatdeterminesthesuccessofacompany?Wearederiving,interesting,scientificinsightsthatwillbenefitmanycompanies across the continent.

Graydon’svaluepropositionwillfollowathree-tieredapproachbasedoncoreclientneeds:Tailored,Turn-keyandBasicSolutions.

We are Insightful


Ourclientsareoperatinginadynamicbusinessenvironment.Accurateandtimelyinformationongrowthopportunitiesandonthefinancialstabilityoftheirprospectsisimportantinformationwhichdirectlyinfluencestheirdecisionmakingprocesses. Wecontinuouslyengagewithourclientstodiscover and deliver industry insights, adding these tailored scores to our value proposition.

In2017wehaverevisedoursolutionsportfolio,makingacleardistinctionbetweenhighvolume-andhighvalueproducts.Thisfocusandbrandingisdeliveringresultsandweareintransitiontowardsamoredynamicpricingstrategywhichreflectsthevalue delivered.

WesupportourclientsthroughourThought Leadership program,inspiringthemwithrelevantanddynamicinsightsabouttheirindustries.Thesectorapproachhasbeenengrainedintoour“go-tomarket”activitiesandtheaccountmanagement.

Ourclientsfrequentlyapproachusforsector-specificscoresandinsights.Theyarekeentofindtherightprospectsintheirsector,butalsotolearnaboutwhichclientstheyshouldacceptforfinancingorthedeliveryofgoods. Oursectorspecificapproachledtoanumberofsuccessesin2017: • GraydonUKwasawardedtheaccoladeRisk Management Achievement of the Year intheUKbythe prestigious Chartered Institute of Credit Management (CICM). • InBelgium,our research colleagues closely collaborate withsectorrepresentatives.Thisledtothepublication ofspecificinsightsforthefoodserviceindustryin2017. These insights are considered fundamental for representativesoftheindustry,butalsofor governmentalbodiesaroundpaymentbehaviourand compliance. • IntheNetherlands,welaunchedGraydon Sector Reportsfortheconstruction,accountancyandthe professionalworkforceindustry.Thesereportswere co-developedwithleadingbusinessesinthespecific industriesandourdataexperts.Theyanalysetrends andkeydatainthesector,toidentifygrowth opportunities. • Graydon Sector Insightswasdevelopedthroughour growthandcreditscores,providingbusinesseswith excellentinsightsinthefinancialandcommercial situations of their industries.

Theseinsightswillhelpcompaniesinspecificsectorstohaveaclearviewonupcomingtrends,providingpeeradviceonhowtoreact.Agreatmethodologytohelpthemgrow!

Leading in high margin niches

Sectoranalyse Energie (SBI-code 35.1)

“Goede uitleg naar de klant en betrouwbare advisering.”

Als relatief jong bedrijf, dat inmiddels 5 jaar bestaat, is Sepa Green Energy BV in staat te groeien doordat wij onze

klanten goed advies geven en onze klanten voorzien van een hoog serviceniveau. Als energieleverancier willen we

de administratieve afhandeling inzichtelijk presenteren en ervoor zorgen dat we door onze kennis en ervaring in

de energiemarkt, ondersteund door goedwerkende systemen, waarde toevoegen voor de klant. We gaan een

vertrouwensrelatie aan en geven klanten een eerlijk advies. Geen harde verkoop, maar een duidelijk verhaal met

duidelijke afspraken. Klanten moeten zich “thuisvoelen” bij SEPA Green Energy. Als de klant ons belt krijgen ze ook

geen belmenu maar direct een medewerker aan de lijn. De zaken worden zoveel mogelijk direct afgehandeld. Een

mail wordt altijd binnen 24 uur beantwoord. Na een jarenlange daling van de energietarieven, hebben we de komende

tijd weer te maken met prijsstijgingen. De uitdaging voor de sector wordt om dit goed te vertalen naar de markt. Goede

uitleg naar de klant en betrouwbare advisering worden ook hierbij de succesfactoren.

Theo Berntzen - commercieel directeur SEPA Green Energy B.V

“Het ‘one-stop-shop’ principe doet ook hier zijn intrede.”

De energiemarkt is volop in beweging, in tegenstelling tot het gehele bedrijfsleven, stijgt het aantal starters in deze

sector nog steeds. Graydon voorspelt een groei van 7,2 procent in balanstotaal. Naast een verdere verduurzaming

verwachten klanten steeds meer service en een breder aanbod van producten via één leverancier. Het “one-stop-

shop” principe, dat gangbaar is in de telecomsector, doet ook in de energiebranche zijn intrede. Energiebedrijven

voorzien huishoudens straks ook van telecom, internet en televisie. Tegelijk gaan de energieprijzen voor het eerst

in lange tijd weer omhoog, dat zal het voor prijsvechters lastiger maken om nieuwe klanten alleen nog maar op prijs

binnen te kunnen halen.

Dennis Mattijssen Graydon Nederland

Groei per regio(in balanstotaal)

Groei verdeling(in balanstotaal)

2.432 actieve bedrijven

+ 202 actieve bedrijven tov 2015

8,1 jaar gemiddelde leeftijd

6,8% BV’s (tov 2,9% NL)

Facturen worden na 43,1 dagen voldaan

Uitgelicht: groei in Handel in Energie

Credit ManagementGraydon Finance Rating

2015 20162014

20132012

Groei

Totaal ondernemingen NL

Energiebranche

Krimp

2017

7,2 %Groei balanstotaal

Energiebranche

Krimp Neutraal Groei

AAA

AA

A

BBB

BB

B

CCC

CC

C

Solvabiliteitsratio

(eigen vermogen / totaal vermogen)

Kans op wanbetailng binnen nu en één jaar. (Waarbij AAA gelijk is aan de geringste kans)

De mate waarin de activiteiten met schulden worden gefinancierd.

Gebasseerd op de Graydon Groei Score

StartersOpheffingen

Faillissementen

Netto-groei


Energiebranche

20152014

20132012

Totaal Nederlandse ondernemingen

13% 52%30%

2010 2011 2012 2013 2014 20150

45

35

15

Top 3 snelste groeiers

1

2 3

OverijsselSEPA GREEN

ENERGY B.V. Utrecht

VEOLIA INDUS-

TRIEPARKEN B.V.

GelderlandGROOT ZEVERT

VERGISTING B.V. Krimp Neutraal Groei

Totale energiesector (SBI 35,1)

2%38%

38%

Totale energiesector (SBI 35,1)

2%38%

38%

Handel in elektriciteit en gas (SBI 35,14)

20%42%

37%

Gray

don

Insi

ghts

in balanstotaal

insights A4.indd 1

08-12-16 16:49

Sectoranalyse Uitzendbranche Nederland

Juli 2017

Top 3 snelste groeiers

Zuid HollandVAN NES + PLAISIER

UITZENDGROEP B.V.

Noord HollandTENTOO

FLEXOLUTIONS B.V.

Noord HollandSTEENS

PROFESSIONALS B.V.

Gray

don

Insi

ghts

De rol van het uitzendbureau verandert

De uitzendbranche trekt aan. De vraag naar flexibel personeel stijgt en alles wijst er op dat de flexibilisering

van arbeid voorlopig zal blijven toenemen. De rol van het uitzendbureau verandert daarbij. Zeker voor

Olympia geldt dat we steeds vaker in een vroeg stadium betrokken worden omdat flexibel personeel

integraal onderdeel is van de bedrijfsvoering. Outsourcing is daarbij een trend. Dat vraagt veel kennis van

de processen bij de klant. Wij denken daarin mee en zijn bijvoorbeeld in staat om een volledig deel van

het productieproces over te nemen. Zo zijn wij meer en meer een partner en niet alleen leverancier van

flexuren. Het vertaalt zich in duurzame relaties met contracten van meerdere jaren.

Cees Verkuyl - CCO Olympia Uitzendbureau

Toegenomen regeldruk en concurrentie zorgen voor een veranderend speelveld

De uitzendbranche is sinds haar ontstaan in de jaren zestig een belangrijke bedrijfstak. De branche verstrekt een

significant deel van de beroepsbevolking werk en vervult de rol van economische indicator. De toegenomen

regeldruk en concurrentie zorgen voor een steeds veranderend speelveld. Het is echter vooral de economische

conjunctuur waar de bureaus van afhankelijk zijn. Het gaat goed met de branche, al zijn de tijden voorbij

waarin uitzendbureaus slechts een leverancier zijn van arbeidscapaciteit. Wil je in deze tijd meekomen dan

zijn extra diensten en een hoog kennisniveau onontbeerlijk, zo blijkt uit ons kwalitatieve onderzoek. Daarnaast

laten onze analyses zien dat de unaniem uitgesproken ambitie om te groeien realistisch is.

Maurits van Son - Graydon Nederland

Groei per regio(in balanstotaal)

Groei verdeling(in balanstotaal)

18.524 actieve bedrijven

Facturen worden gemiddeld na

44,7 dagen voldaan

8,2 jr gemiddelde leeftijd

61% BV’s (+ 28% tov NL)

Groeiprognose Uitzendbranche

uitgesplitst: Eenmanszaken vs BV’s

Credit ManagementGraydon Finance Rating

2012 2013 2014 2015 2016 2017

2012 2013 2014 2015 2016 2017


Uitzendbranche

7,2%Groei balanstotaal

Uitzendbranche

Uitzendbranche

Totaal Nederlandse ondernemingen

Krimp Neutraal Groei

Eenmanszaken+8,4% groei

+6,5% groei

BV’s

AAA

AA

A

BBB

BB

B

CCC

CC

C

Solvabiliteitsratio

(eigen vermogen / totaal vermogen)

Kans op wanbetaling binnen nu en één jaar.

(Waarbij AAA gelijk is aan de geringste kans)

Gebasseerd op de Graydon Groei Score


Uitzendbranche

3%

13% 52%30%

28%56%

2010 2011 2012 2013 2014 2015 2016

55

45

35

25

15

0

(SBI-code 78)

StartersOpheffingen

Faillissementen

Netto-groei

Groei

Krimp

De mate waarin de activiteiten met schulden worden gefinancierd.

11

23

06-2017 insights A4.indd 1

10-07-17 07:17

We are Influential


Anorganisationpeoplelovetoworkfor

We consider our people as our most important asset, whichiswhywewantthemtobeinspiredandtriggerthemtoexcelineverything they do.

We cherish the trust that is given to us by our clients and wearedeterminedtoexceedtheirexpectations. A client centriccultureisessentialforthis,whichstartsatthecoreofourorganisation.Westriveforanopenculturewhichvaluesfeedback,collaborationandco-creationandwhichembracesinnovation,creativityandcontinuousdevelopmenttodeliverthebestexperiences.Oneinwhichallprocessesandactivitiesleadto a higher value for our client.

Wehavetrustengrainedinourmanagementandleadershipstyleandwesecureahealthyandsafeenvironment.Oneinwhichwecanspeakfreelyandopen,withtransparentcommunicationandroomforfeedback.

Learningfromeachotherandwitheachotherisagreatwayto get inspired.In2017,wedevelopedanumberofinitiativesto stimulate this:

• Group training courses to teach and enhance core capabilitiesthroughanon-boardingprogramfornew employees and ongoing tailored programs for all employees • Coachingsessions,executivedevelopmentprograms and leadership programs. • The continuous development of learning content for our ownGraydonLearningCentre • WehaveourownInsideGraydon.tvnewsepisodes andorganisespecialeventstoshareexperiences,learn fromexternalexpertsandsharelivedemosessionsfor product innovations. • Weactivelyseekfeedbackfromourcolleaguesthrough initiativessuchasourannualengagementsurvey,day- to-dayfeedbackappsandallemployeeandteam sessions. • Andofcourse:webringourclientstoproduct developmentsessionstosecuretimelyfeedbackloop.

Our people are our ambassadors and essential for our service, success and reputation.Notonlyknowledgeandexpertisearehighlyvalued,wealsovalueattitudeandbehaviour;thewaypeoplecollaborate,listen,communicateandinnovate.Wevaluepeoplewhoarekeentogrowandtodevelopthemselves,whoembraceaninnovativeworkingenvironmentandalwaysputtheclientfirst.

Ourtotalemployeebaseisdiverse,reflectingthecountriesinwhichGraydonoperates.20%oftheseatsontheSupervisoryBoardisheldbywomen.AsofthefirstofJanuary,theBoardofDirectors(BoD)encompassesafemaleCFOthereforetherate25%oftheseatsintheBoDisheldbywomenand22%oftheseatsintheExecutiveCommittee.Graydonsupportsdiversityand is investing in her female talent to increase the percentage ofwomeninthecompany’sseniormanagement.Thiswillbereflectedgoingforwardsecuringamale/femalecandidateontheshortlistfortheappointmentsofnewdirectors.

Last, but certainly not least: at Graydon, there is room for funandpersonalwellbeing!Webelievethatyouneedagoodbalancebetweenlifeandworkandbetweenbusinessandfun.

Corporate Social ResponsibilityGraydonstrivestoestablish,maintainandpromoteasustainablebusinessenvironment.Withourpeople,weinitiatedavarietyofCorporateSocialResponsibilityinitiativesin2017.These included volunteer activities for various NGOs across themarkets,butalsothecollectionoffundsforhospitals.Asabusiness,weuseautomatedprocessesandtechniquesthathelpustoworkinamoresustainableway.Graydonconsidersitspeopleasakeyassetforconductingfairbusinesspractices and for optimising innovation productivity and economicviability.Togetherwearedeterminedtohelpourenvironment,ourclientsandourpeoplegrow,inasustainableandresponsibleway.



#wearegraydon


One integrated company

Significantadvancementshavebeenmadeinthere-platformingofourcoresystemsanddatabasesandprocesseswerestreamlinedacrossthegroup.The realisation of our GraydonInsightsplatformallowsustomovequicker,develop faster and to strengthen our position in the market. Our IT components support the product teams for further developmentofourtailoredsolutions,whichleverageouranalyticcompetences.Weareexcitedabouttheopportunitiesthatarisefromourinvestments,asthesewillacceleratethespeedatwhichwecandevelopcompetitivesolutionsaroundfinancialandcommercialinformation.

Ournewinfrastructurealsoallowsustosurfacedata,functionalityandanalyticalinsightsthroughAPI'sallowingustointegrateGraydonsolutionswithclient’scoreprocesses.Thiswillhaveasignificantimpactonourclients’decision-makingprocessandwillprovidethemwithanentirenewlandscapeofbusinessopportunities.

In2017wefurtherenhancedouragilewaysofworking.Weoperateinamoreflexiblewayandarestrengtheningourinnovation competences.Importantinvestmentsweremadeinthecompetencesandexpertiseofourpeople,withspecificcoaching and training programs in place to get them ready fortogainmaximumpotentialfromthemselvesandthenewtechnical environment.

In2017Graydonfurtherstandardisedandharmoniseditsinternalprocessestoimproveonitsoperationalexcellence.Specificexpertisewasbroughtinaroundareassuchassecurity,vendormanagementandIToperationalmanagement.

We are One


Governance and Risk Management

The quality of our data and services and the level of compliancy are essential for our reputation as a trusted business partner. Graydon is adhering to solid standards of riskmanagementandcontrol.Itisanimportantelementtosafeguard the sound operation of the organisation and helps torealisethestrategicobjectives.GraydonusestheCOSOEnterpriseRiskManagementframeworkasareferencemodelandhasadoptedcompatibleprocessesandterminology.COSOistheworldwidestandardandhasthereforebeenselectedasthebasisforGraydon’sriskmanagementandcontrolsystem.

GovernanceGovernancewithinGraydonisanexpressionofthemanagementstructureandisdefinedasameanstosafeguardtherelationshipbetweenmanagement,controlandsupervision.TheGraydonManagingBoardisresponsiblefortheGraydonriskmanagementandcontrolsystem.Itensuresthatthesystemfunctionseffectivelyandthatidentifiedrisksaremanaged as agreed.

RiskprofileandassessmentTheriskprofileofGraydonisrelatedtothecorebusinessmodelofGraydon,whichis:providingsolutionsfromTailoredtoTurn-keytoSelf-serviceonline.Thisalsoinvolvescontrollingriskswithregardtoachievingstrategicandoperationalobjectivesandcomplyingwithapplicablelawsandregulations.TheManagingBoardhasdelegatedresponsibilityformaintainingtheriskmanagementandcontrolsystemtotherespectivemanagingdirectors.Theyareresponsibleforlocaldecision-makingandareaccountableforthematerialcompletenessofriskidentification,thematerialcorrectnessofriskanalysesandthetimelinessandappropriatenessofriskdecisionsatindividual and aggregate level.

We are Trusted


RiskoverviewBelowisanoverviewofthemainrisksthatcouldaffectourobjectives.Thesequenceoftherisksbelowdoesnotreflectanyorderofimportance,vulnerabilityormateriality.

• Marketpositioncanbethreatenedbynewcompetitors andnewtechnology.Tostayaheadofcompetition Graydoniscontinuouslydevelopingnewsolutionsand servicesandisusingnewtechnologieswhichenableus todeliversmarterbusinessintelligence; • Ourstrongbrandandreputationcanbedamaged. A communication strategy is in place and managed bytheCorporateCommunicationsdepartment. Wehavealegalandcompliancedepartmentto safeguardGraydon’scompliancewithrules& regulations.Ethicalthinkingandwaysofdoingbusiness arekeytoourcorporatevalues; • Thedata-quality-riskaffectingourproducts,scoring and rating methods is controlled through strict data controlprocedureswhicharepartofourprimary processes; • GDPR-compliancy:OurCompanyusespersonal informationtowhichprivacylegislationisapplicable.As ofthe25thofMay2018,theEuropeanGeneralData ProtectionRegulation(GDPR)willcomeintoforce. GraydonhasdevelopedaGDPRprogramandis confidentthatitwillbecompliantbeforetherequired date; • One company: An IT disruption could affect our service toclientsandbusiness.Therefore,strictgeneralIT controlsareinplaceandmonitoredonaregularbasis; • ToenableGraydontosuccessfullyexecuteitsstrategy, itisimportanttohavemotivatedandcapable employees. In order to attract and retain talented people Graydonmustcreateandmaintainagreatworking experience; • TheGroupdoesnotrunlargerisksregardingfinancial instruments:Creditrisksmainlyarisefromcustomers andfromdeposits(atleastinpartiesratedasA+). Interestrateriskswouldnotbematerialincaseofa changeof100basispointsininterestrateatthe reportingdate.TheliquidityriskoftheGroupisvery limitedbecausethemajorityoftheclientspayupfront and deferred income consists largely out of already paidamounts.Theexposuretoforeigncurrency exchangeriskislimitedtoapositionofGBP2,330 whichisnothedgedtomitigatetherisk.

Control systemAllrisksarefurtherdescribedintheGraydoncontrolframeworksinwhichcontrolsaredefinedtoreducethelikelihoodandimpactoftherisktoanacceptablelevel.Controlframeworksarereviewedonaregularbasistoensuretheyareuptodateandstillinlinewiththegroupstrategy.AllrisksarebeingauditedbytheInternalAuditorofGraydon.Theinternal auditor monitors that the enhancements to the control frameworksandactionsarerealisedbydepartments.Theprogress on the realisation is reported to the Supervisory Board.

AuditsIn2017anumberofcontrolframeworkswereauditedbytheInternalAuditorofGraydon.Shortcomingsdetectedwerefollowedupduringtheyear.Auditreportshavebeenpresentedtoresponsiblemanagement,countrymanagingdirectors,Board of Directors of Graydon Holding N.V. and the Supervisory Board.

Forward-lookingstatementThe Managing Board has no reason to believe that the risk management and control system will not work properly in 2018. Continuous efforts will be made to further improve the risk management and control system. All risks are being reviewed and addressed in response to changing circumstances and conditions and appropriate measures are taken. Furthermore Graydon’s control systems are subject to continuous review and improvement.

Amsterdam, 30 May 2018

The Managing Board Gertjan Kampman


Financial statements



in thousands of € NOTE 2017 2016

Assets Intangible assets 7 13,939 12,463 Property, plant and equipment 6 1,069 614 Deferred tax assets 8 2,269 2,014

Totalnon-currentassets 17,277 15,091

Trade receivables 9 6,071 7,885 Other receivables and prepayments 9 2,755 2,483 Income tax receivable 660 1,531 Cash and cash equivalents 10 8,301 12,981

Total current assets 17,787 24,880

Total assets 35,064 39,971

Equity Share capital 11 1,500 1,500 Share premium 11 1,376 1,376 Legal reserves 11 13,974 12,463 Translation reserve 11 -796 -724 Retained earnings 11 -5,790 -3,541 Result for the year 11 -2,168 -727

Total equity 8,096 10,347

Liabilities Deferred tax liabilities 8 1,685 1,469 Provisions 12 - - Employee Benefits 16 23 18 Loans and borrowings 13 - -

Totalnon-currentliabilities 1,708 1,487

Trade and other payables 14 13,393 13,336 Current portion of provisions 12 1,414 1,508 Loans and borrowings 13 - 261 Deferred income 15 10,453 13,032

Total current liabilities 25,260 28,137

Total liabilities 26,968 29,625

Total equity and liabilities 35,064 39,971

Financial StatementsConsolidatedstatementoffinancialpositionBefore result appropriationAs at 31 December

Thenotesonpages19to35areanintegralpartoftheseconsolidatedfinancialstatements.



1 48,598 50,895

2 -16,594 -18,777 2 -3,775 -4,075 6 -384 -441 7 -9,355 -8,749 4 -28,254 -27,355 -58,363 -59,397 7 8,303 7,433 - 50,060 - 51,964 -1,462 -1,069 - - -36 -161 -36 -161

-1,498 -1,230 5 -670 503

-2,168 -727

- -

-2,168 -727

Continuing operations Revenue

Expenses Salaries

Social charges and pension expensesDepreciationAmortisation

Other operating expenses

Capitalisation of: database expenses

Operating resultFinance income

Finance costsNet finance costs

Result before taxationIncome tax

Result from continuing operations

Discontinued operationResult from discontinued operation,

net of tax

Result

Consolidatedstatementofprofit&lossand comprehensive income For the year ended 31 December


NOTE 2017 2016

Result attributable to: Owners of the Company -2,168 -727 Non-controlling interests - - -2,168 -727

Total comprehensive income attributable to: Owners of the Company -2,240 -1,318 Non-controlling interests - - -2,240 -1,318

Earnings per share Basic earnings per share (EUR) -1.45 -0.48 Diluted earnings per share (EUR) -1.45 -0.48

NOTE 2017 2016

-2,168 -727

-72 -591

-72 -591

-2,240 -1,318

in thousands of €

Result

Other comprehensive incomeForeign exchange translation differences

Other comprehensive income, net of tax

Total comprehensive income

Other comprehensive income For the year ended 31 December


Consolidated statement of changes in equity

Share Share Legal Translation Retained Profitfor Total in thousands of € capital premium reserves reserve earnings the year equity

Balance as at 1 January 2016 1,500 1,376 12,006 -133 -2,384 -700 11,665

Total comprehensive incomeRetained earnings - - - - -700 700 - Net Result of the year - - - - - -727 -727Other comprehensive income - - 457 -591 -457 - -591

Total comprehensive income - - 12,463 -724 -3,541 -727 10,347

Transactionswithownersof the CompanyDividends - - - - - - -Totaltransactionswithownersof the Company - - - - - - -

Balance as at 31 December 2016 1,5001,376 12,463 -724 -3,541 -727 10,347

Total comprehensive incomeRetained earnings - - - - -727 727 -Net Result of the year - - - - - -2,168 -2,168Other comprehensive income - - 1,476 -72 -1,487 - -83

Total comprehensive income - - 1,476 -72 -2,214 -1,441 -2,251

Transactionswithownersof the CompanyDividends - - - - - - -Totaltransactionswithownersof the Company - - - - - - -

Balance as at 31 December 2017 1,5001,376 13,939 -796 -5,755 -2,168 8,096


ConsolidatedstatementofcashflowsFor the year ended 31 December


Cashflowsfromoperatingactivities

Operating result -1,462 -1,069 Adjusted for: Amortisation 7 9,355 8,748 Depreciation 6 384 451 Provisions (non-cash movements) 12 -95 185

9,645 9,385

Changes in: Trade and other receivables 1,542 3,533 Trade and other payables -573 414 Provisions and employee benefit 12 - -1,263 Deferred income 15 -2,579 -2,444

-1,610 239

Cash generated from operating activities Interest paid (on balance) -36 -161 Income taxes received (paid) 797 551

761 390

Net cash from operating activities 7,334 8,945

Cashflowsfrominvestingactivities Investments in property, plant and equipment 6 -844 -240 Disposals in property, plant and equipment 6 2 - Investments in intangible assets 7 -10,859 -9,383 Disposals in intangible assets 7 - 50

Net cash used in investing activities -11,700 -9,573

Cashflowsfromfinancingactivities Redemption loans and borrowings -261 -1,049 Dividends paid - -

Netcashusedinfinancingactivities -261 -1,049

Net increase in cash and cash equivalents -4,627 -1,677 Cash & Cash Equivalents at 1 January 12,981 15,056 Foreign exchange difference on cash -53 -400

Cash & cash equivalents as at 31 December 10 8,301 12,981

Thenotesonpages19to35areanintegralpartoftheseconsolidatedfinancialstatements.


Notestothe2017consolidatedfinancialstatementFor the year ended 31 December 2017

Reporting entity

GraydonHoldingN.V.(the‘Company’)isacompanydomiciledinTheNetherlands.TheaddressoftheCompany’sregisteredofficeisHullenbergweg260,1101BVAmsterdam.GraydonHoldingN.V.istheholdercompanyofcreditinformationcompanies.TheconsolidatedfinancialstatementsoftheCompanyasatandfortheyearended31December2017comprisetheCompanyanditssubsidiaries(togetherreferredtoasthe‘Group’andindividuallyas‘Groupentities’)andtheGroup’sinterestinassociatesand jointly controlled entities.

Graydonprovidesbusinessinformationtocommercialorganisations,governmentagenciesandnon-profitorganisations,whilstmaintainingoptimumstandardsforsecurityandprivacy.Graydon’sservicesportfolioconsistsof:CreditManagementservices,Risk&ComplianceservicesandMarketingInformationservices.MoreoverGraydonoffersCollectionServices.Asper15September2016AtradiusInsuranceHoldingN.V.isownerof100%oftheGraydonHoldingN.V.Shares.

Atradius Insurance Holding N.V.DavidRicardostraat11066JSAmsterdamThe Netherlands

100%



Basis of preparation

(a) Statement of complianceTheconsolidatedfinancialstatementshavebeenpreparedinaccordancewithInternationalFinancialReportingStandardsasendorsedbytheEuropeanUnion(EU-IFRSs),andwithsection2:362(a)ofTheNetherlandsCivilCode.TheconsolidatedfinancialstatementswereauthorisedforissuebytheSupervisoryBoardon23May2018.

Withreferencetotheincomestatementofthecompany,usehasbeenmadeoftheexemptionpursuanttoSection402ofBook2oftheNetherlandsCivilCode.

(b) Basis of measurementTheconsolidatedfinancialstatementshavebeenpreparedonthehistoricalcostbasis

(c) Functional and presentation currencyTheseconsolidatedfinancialstatementsarepresentedineuro,whichistheCompany’sfunctionalcurrency.Allfinancialinformationpresentedineuro(€)hasbeenroundedtothenearestthousands,exceptwhenotherwiseindicated.

(d) Use of estimates and judgementsThepreparationoftheconsolidatedfinancialstatementsinconformitywithEU-IFRSsrequiresmanagementtomakejudgements,estimatesandassumptionsthataffecttheapplication of accounting policies and the reported amounts ofassets,liabilities,incomeandexpenses.Actualresultsmaydiffer from these estimates.

Estimatesandunderlyingassumptionsarereviewedonanongoingbasis.Revisionstoaccountingestimatesarerecognised prospectively.

Informationaboutcriticaljudgementsinapplyingaccountingpoliciesthathavethemostsignificanteffectontheamountsrecognisedintheconsolidatedfinancialstatementsinclude:

Note 1: RevenueDebtCollection:determinationifthe revenue recognition policy in applied correctly bytheGroupincludingdeterminationof deferred income. Note 8: Deferredtaxationinrespectoftaxlosses carriedforwardNote 9: TradereceivablesNote 12: Provisions

(e) Changes in accounting policiesThe Group has consistently applied the accounting policies setoutinnote‘Significantaccountingpolicies’toallperiodspresentedintheseconsolidatedfinancialstatements.

Significantaccountingpolicies

Theaccountingpoliciessetoutbelowhavebeenappliedconsistently to all periods presented in these consolidated financialstatements,andhavebeenappliedconsistentlybyGroup entities.

Certain comparative amounts in the consolidated statement offinancialpositionhavebeenreclassifiedtoconformwiththecurrent year’s presentation.

(a) Basis of consolidation(i) SubsidiariesSubsidiariesareentitiescontrolledbytheGroup.Controlisthepowertogovernthefinancialandoperatingpoliciesofanentitysoastoobtainbenefitsfromitsactivities.Inassessingcontrol,theGrouptakesintoconsiderationpotentialvotingrightsthatcurrentlyareexercisable.Thefinancialstatementsofsubsidiariesareincludedintheconsolidatedfinancialstatements from the date that control commences until the date that control ceases.

(ii) Loss of controlOnthelossofcontrol,theGroupderecognisestheassetsandliabilitiesofthesubsidiary,anynon-controllinginterestsandtheothercomponentsofequityrelatedtothesubsidiary.

Anysurplusordeficitarisingonthelossofcontrolisrecognisedinprofitorloss.IftheGroupretainsanyinterestintheprevioussubsidiary,thensuchinterestismeasuredatfairvalueatthedatethatcontrolislost.Subsequentlyitis accounted for as an equity-accounted investee or as an available-for-salefinancialassetdependingonthelevelofinfluenceretained.

(iii) Transactions eliminated on consolidationIntra-groupbalancesandtransactions,andanyunrealisedincomeandexpensesarisingfromintra-grouptransactions,areeliminatedinpreparingtheconsolidatedfinancialstatements.


(b) Discontinued operationA discontinued operation is a component of the Group’s business,theoperationsandcashflowsofwhichcanbeclearlydistinguishedfromtherestoftheGroupandwhich:

• Representsaseparatemajorlineofbusinessor geographicalareaofoperations;• Is part of a single co-ordinated plan to dispose of a separatemajorlineofbusinessorgeographicalareaof operations;or• Isasubsidiaryacquiredexclusivelywithaviewtore-sale.

Classificationasadiscontinuedoperationoccursattheearlierofdisposalorwhentheoperationmeetsthecriteriatobeclassifiedasheld-for-sale.

Whenanoperationisclassifiedasadiscontinuedoperation,thecomparativestatementofprofitorlossandOCIisre-presentedasiftheoperationhadbeendiscontinuedfromthestart of the comparative year.

(c) RevenueTheGroupisinvolvedinmanagingdatasources,aswellasperformingrelatedservices.Whentheservicesunderasinglearrangementarerenderedindifferentreportingperiods,thentheconsiderationisallocatedonarelativefairvaluebasisbetweenthedifferentservicesandperiods.

The Group recognises revenue from rendering of services in proportion to the stage of completion of the transaction at the reportingdate.Thestageofcompletionisassessedbasedonsurveysofworkperformed.

Revenueisobtainedmainlyoutofcreditinformationanddebtcollectionactivities.Asignificantportionofrevenueisderivedfromdeferredincome;oncetheservicesarerendered,theliabilityfordeferredincomeisrecognisedasrevenue.

(d)FinanceincomeandfinancecostsFinance income comprises interest income. Interest income isrecognisedasitaccruesinprofitorloss,usingtheeffectiveinterest method.

Financecostscompriseinterestexpenseandrecognisedinprofitorloss.

(e) Foreign currency(i) Foreign currency transactionsTransactions in foreign currencies are translated to the respectivefunctionalcurrenciesofGroupentitiesatexchangerates at the dates of the transactions.

Monetaryassetsandliabilitiesdenominatedinforeigncurrencies at the reporting date are retranslated to the functionalcurrencyattheexchangerateatthatdate.Non-monetaryassetsandliabilitiesdenominatedinforeigncurrencies that are measured at fair value are retranslated to thefunctionalcurrencyattheexchangerateatthedatethatthefairvaluewasdetermined.Foreigncurrencydifferencesaregenerallyrecognisedinprofitorloss.Non-monetaryitemsinaforeigncurrencythataremeasuredbasedonhistoricalcostare not translated.

Foreign currency differences arising on retranslation are recognisedinprofitorloss,theGrouphasnotdifferenceswhicharerecognisedinothercomprehensiveincome.

(ii) Foreign operationsTheassetsandliabilitiesofforeignoperationsaretranslatedto€atexchangeratesatthereportingdate.Theincomeandexpensesofforeignoperationsaretranslatedintoeurosattheexchangeratesatthedatesofthetransactions.

Foreign currency differences are recognised in other comprehensiveincome,andpresentedintheforeigncurrencytranslationreserve(translationreserve)inequity.

Whenaforeignoperationisdisposedofsuchthatcontrol,significantinfluenceorjointcontrolislost,thecumulativeamount in the translation reserve related to that foreign operationisreclassifiedtoprofitorlossaspartofthegainorlossondisposal.WhentheGroupdisposesofonlypartofitsinterestinasubsidiarythatincludesaforeignoperationwhileretainingcontrol,therelevantproportionofthecumulativeamountisreattributedtonon-controllinginterests.WhentheGroup disposes of only part of its investment in an associate orjointventurethatincludesaforeignoperationwhileretainingsignificantinfluenceorjointcontrol,therelevantproportionofthecumulativeamountisreclassifiedtoprofitorloss.

Whenthesettlementofamonetaryitemreceivablefromorpayabletoaforeignoperationisneitherplannednorlikelyintheforeseeablefuture,foreigncurrencygainsandlossesarising from such item are considered to form part of a net investment in the foreign operation and are recognised in othercomprehensiveincome,andpresentedinthetranslationreserve in equity.

(iii) Exchange rates for the most important currencies

31 December Average 31 December 2016 2017 2017GBP 1.16 1.14 1.13


(f)Employeebenefits(i) Short-termemployeebenefitsShort-termemployeebenefitobligationsaremeasuredonanundiscountedbasisandareexpensedastherelatedserviceisprovided.Aliabilityisrecognisedfortheamountexpectedtobepaidundershort-termcashbonusorprofit-sharingplansiftheGrouphasapresentlegalorconstructiveobligationtopaythisamountasaresultofpastserviceprovidedbytheemployee,andtheobligationcanbeestimatedreliably.

(ii)DefinedcontributionplansAdefinedcontributionplanisapost-employmentbenefitplanunderwhichanentitypaysfixedcontributionsintoaseparateentityandhasnolegalorconstructiveobligationtopayfurtheramounts.Obligationsforcontributionstodefinedcontributionplansarerecognisedasanemployeebenefitexpenseinprofitorlossintheperiodsduringwhichrelatedservicesarerenderedbyemployees.Prepaidcontributionsarerecognisedasanassettotheextentthatacashrefundorareductioninfuturepaymentsisavailable.Contributionstoadefinedcontributionplanthatareduemorethan12monthsaftertheendoftheperiodinwhichtheemployeesrendertheserviceare discounted to their present value.

(iii)DefinedbenefitplansTheGroup’snetobligationinrespectofdefinedbenefitplansiscalculatedseparatelyforeachplanbyestimatingtheamountoffuturebenefitthatemployeeshaveearnedinthecurrentandpriorperiods,discountingthatamountanddeductingthefairvalue of any plan assets.

Thecalculationofdefinedbenefitobligationsisperformedannuallybyaqualifiedactuaryusingtheprojectedunitcreditmethod.WhenthecalculationresultsinapotentialassetfortheGroup,therecognisedassetislimitedtothepresentvalueofeconomicbenefitsavailableintheformofanyfuturerefundsfromtheplanorreductionsinfuturecontributionstotheplan.Tocalculatethepresentvalueofeconomicbenefits,considerationisgiventoanyapplicableminimumfundingrequirements.

Remeasurementsofthenetdefinedbenefitliability,whichcompriseactuarialgainsandlosses,thereturnonplanassets(excludinginterest)andtheeffectoftheassetceiling(ifany,excludinginterest),arerecognisedimmediatelyinOCI.TheGroupdeterminesthenetinterestexpense(income)onthenetdefinedbenefitliability(asset)fortheperiodbyapplyingthediscountrateusedtomeasurethedefinedbenefitobligationatthebeginningoftheannualperiodtothethen-netdefinedbenefitliability(asset),takingintoaccountanychangesinthe

netdefinedbenefitliability(asset)duringtheperiodasaresultofcontributionsandbenefitpayments.Netinterestexpenseandotherexpensesrelatedtodefinedbenefitplansarerecognisedinprofitorloss.

Whenthebenefitsofaplanarechangedorwhenaplaniscurtailed,theresultingchangeinbenefitthatrelatestopast service or the gain or loss on curtailment is recognised immediatelyinprofitorloss.TheGrouprecognisesgainsandlossesonthesettlementofadefinedbenefitplanwhenthesettlement occurs.

(g) Income taxTaxexpensecomprisescurrentanddeferredtax.Currenttaxanddeferredtaxisrecognisedinprofitorloss.

(i) Current taxCurrenttaxcomprisestheexpectedtaxpayableorreceivableonthetaxableincomeorlossfortheyearandanyadjustmenttotaxpayableorreceivableinrespectofpreviousyears.Theamountofcurrenttaxpayableorreceivableisthebestestimateofthetaxamountexpectedtobepaidorreceivedthatreflectsuncertaintyrelatedtoincometaxes,ifany.Itismeasuredusingtaxratesenactedorsubstantivelyenactedatthereportingdate.Currenttaxalsoincludesanytaxarisingfrom dividends.

Currenttaxassetsandliabilitiesareoffsetonlyifcertaincriteria are met.

(ii) Deferred taxDeferredtaxisrecognisedinrespectoftemporarydifferencesbetweenthecarryingamountsofassetsandliabilitiesforfinancialreportingpurposesandtheamountsusedfortaxationpurposes.Deferredtaxisnotrecognisedfor:

• Temporary differences on the initial recognition of assets orliabilitiesinatransactionthatisnotabusiness combinationandthataffectsneitheraccountingnor taxableprofitorloss;and• Temporary differences related to investments in subsidiariestotheextentthatitisprobablethattheywill notreverseintheforeseeablefuture.

Deferredtaxismeasuredatthetaxratesthatareexpectedtobeappliedtotemporarydifferenceswhentheyreverse,usingtaxratesenactedorsubstantivelyenactedatthereportingdate.Adeferredtaxassetisrecognisedforunusedtaxlosses,taxcreditsanddeductibletemporarydifferencestotheextentthatitisprobablethatfuturetaxableprofitswillbeavailable


againstwhichtheycanbeutilised.Deferredtaxassetsarereviewedateachreportingdateandarereducedtotheextentthatitisnolongerprobablethattherelatedtaxbenefitwillberealised.

IndeterminingtheamountofcurrentanddeferredtaxtheGrouptakesintoaccounttheimpactofuncertaintaxpositionsandwhetheradditionaltaxesandinterestmaybedue.TheGroupbelievesthatitsaccrualsfortaxliabilitiesareadequateforallopentaxyearsbasedonitsassessmentofmanyfactors,includinginterpretationsoftaxlawandpriorexperience.Thisassessmentreliesonestimatesandassumptionsandmayinvolveaseriesofjudgementsaboutfutureevents.Newinformationmaybecomeavailablethatcauses the Group to change its judgement regarding the adequacyofexistingtaxliabilities;suchchangestotaxliabilitieswillimpacttaxexpenseintheperiodthatsuchadetermination is made.

Deferredtaxassetsandliabilitiesareoffsetifthereisalegallyenforceablerighttooffsetcurrenttaxliabilitiesandassets,andtheyrelatetotaxesleviedbythesametaxauthorityonthesametaxableentity,orondifferenttaxentities,buttheyintendtosettlecurrenttaxliabilitiesandassetsonanetbasisortheirtaxassetsandliabilitieswillberealisedsimultaneously.

Indeterminingtheamountofcurrentanddeferredtax,theGrouptakesintoaccounttheimpactofuncertaintaxpositionsandwhetheradditionaltaxesandinterestmaybedue.Thisassessment relies on estimates and assumptions and may involveaseriesofjudgementsaboutfutureevents.NewinformationmaybecomeavailablethatcausestheGrouptochangeitsjudgementregardingtheadequacyofexistingtaxliabilities;suchchangestotaxliabilitieswillimpacttaxexpenseintheperiodthatsuchadeterminationismade.

(h) Property, plant and equipment(i) Recognition and measurementItemsofproperty,plantandequipmentaremeasuredatcostless accumulated depreciation and accumulated impairment losses.

Costincludesexpenditurethatisdirectlyattributabletotheacquisitionoftheasset.Purchasedsoftwarethatisintegraltothe functionality of the related equipment is capitalised as part of that equipment.

Whenpartsofanitemofproperty,plantandequipmenthavedifferentusefullives,theyareaccountedforasseparateitems(majorcomponents)ofproperty,plantandequipment.

Anygainorlossondisposalofanitemofproperty,plantandequipment(calculatedasthedifferencebetweenthenetproceedsfromdisposalandthecarryingamountoftheitem)isrecognisedinprofitorloss.

(ii) Subsequent expendituresSubsequentexpenditureiscapitalisedonlywhenitisprobablethatthefutureeconomicbenefitsassociatedwiththeexpenditurewillflowtotheGroup.Ongoingrepairsandmaintenanceisexpensedasincurred.

(iii) DepreciationItemsofproperty,plantandequipmentaredepreciatedonastraight-linebasis,generallyrecognisedinprofitorlossoverthe estimated useful lives of each component and depreciated from the date that they are installed and are ready for use.The estimated useful lives for the current and comparative yearsofsignificantitemsofmachinesandequipmentareasfollows:

• Property,plantandequipment 3-10years• Othercomponents 4-5years

Depreciationmethods,usefullivesandresidualvaluesarereviewedateachreportingdateandadjustedifappropriate.

(i) Intangible assets(i) Recognition and measurementAnintangibleassetshouldberecognisedif:

• Itisprobablethatthefutureeconomicbenefitsthatare attributabletotheassetwillflowtotheorganisation.• Thecostoftheassetcanbemeasuredreliably.

Anintangibleassetisinitiallymeasuredatcost.Thecostof the asset comprises of purchase price and any directly attributablecostsofbringingtheassettoworkingconditionforitsintendeduse.Otherwise,itisrecognisedinprofitorlossasincurred.Subsequenttoinitialrecognition,developmentexpenditureismeasuredatcostlessaccumulatedamortisation and any accumulated impairment losses.

Intangibleassetsconsistof: Capitalised database costs Externallypurchaseddataanddirectcostrelatingtomaintenance and enrichment of the data (only directly related salariesandotheremployeeexpenses).

InternallydevelopedsoftwareInternallydevelopedsoftwarecomprisesdirect-labourcostofprogram development (only directly related salaries and other employeeexpenses).


PurchasedsoftwarePurchasedsoftwarecomprisesofsoftwareacquiredanddirectlyattributableexpenditureonpreparingtheassetforitsintended use.

(ii) Subsequent expenditureSubsequentexpenditureiscapitalisedonlywhenitincreasesthefutureeconomicbenefitsembodiedinthespecificassettowhichitrelates.Allotherexpenditure,includingexpenditureoninternallygeneratedgoodwillandbrands,isrecognisedinprofitorlossasincurred.

(iii) AmortisationIntangiblefixedassetsareamortisedonastraight-linebasisinprofitorlossovertheirestimatedusefullives,fromthedatethattheyareavailableforuse.Capitaliseddatabasecostsareamortisedprogressivelydecreasinginathreeyearperiod,reflectingitsusefullive.

• Capitaliseddatabasecosts 3years(65%-30%-5%)• Internallydevelopedsoftware 3-5years• Purchasedsoftware 3-5years

Amortisationmethods,usefullivesandresidualvaluesarereviewedateachreportingdateandadjustedifappropriate.

(j) Financial instruments(i) Non-derivativefinancialassetsRecognition and derecognitionTheGroupinitiallyrecognisesloansandreceivablesonthedatethattheyareoriginated.Allotherfinancialassets(includingassetsdesignatedasatfairvaluethroughprofitorloss)arerecognisedinitiallyonthetradedate,whichisthedatethattheGroupbecomesapartytothecontractualprovisions of the instrument.

TheGroupderecognisesafinancialassetwhenthecontractualrightstothecashflowsfromtheassetexpire,orittransferstherightstoreceivethecontractualcashflowsinatransactioninwhichsubstantiallyalltherisksandrewardsofownershipofthefinancialassetaretransferred.AnyinterestinsuchtransferredfinancialassetsthatiscreatedorretainedbytheGroupisrecognisedasaseparateassetorliability.

Financialassetsandliabilitiesareoffsetandthenetamountpresentedinthestatementoffinancialpositionwhen,andonlywhen,theGrouphasalegalrighttooffsettheamountsandintendseithertosettleonanetbasisortorealisetheassetandsettletheliabilitysimultaneously.

MeasurementLoans and receivables Loansandreceivablesarefinancialassetswithfixedordeterminablepaymentsthatarenotquotedinanactivemarket.Suchassetsarerecognisedinitiallyatfairvalueplusanydirectlyattributabletransactioncosts.Subsequenttoinitialrecognition,loansandreceivablesaremeasuredatamortisedcostusingtheeffectiveinterestmethod,lessanyimpairment losses.

Loansandreceivablescomprisecashandcashequivalents,andtradereceivablesandothertradereceivablesandprepayments.

Cash and cash equivalents Cashandcashequivalentscomprisecashbalancesandcalldepositswithmaturitiesofthreemonthsorlessfromtheacquisitiondatethataresubjecttoaninsignificantriskofchangesintheirfairvalue,andareusedbytheGroupinthemanagement of its short-term commitments.

(ii)Non-derivativefinancialliabilitiesRecognition and derecognitionTheGroupinitiallyrecognisesliabilitiesinitiallyonthetradedate,whichisthedatethattheGroupbecomesapartytothecontractual provisions of the instrument.

TheGroupderecognisesafinancialliabilitywhenitscontractualobligationsaredischarged,cancelledorexpire.

MeasurementTheGroupclassifiesnon-derivativefinancialliabilitiesintotheotherfinancialliabilitiescategory.Suchfinancialliabilitiesarerecognisedinitiallyatfairvaluelessanydirectlyattributabletransactioncosts.Subsequenttoinitialrecognition,thesefinancialliabilitiesaremeasuredatamortisedcostusingtheeffective interest method.

Financialliabilitiescomprisebankoverdrafts,andtradeandotherpayables.

Bankoverdraftsthatarerepayableondemandandformanintegral part of the Group’s cash management are included as a component of cash and cash equivalents for the purpose of thestatementofcashflows.

(iii) Share capitalOrdinary sharesOrdinarysharesareclassifiedasequity.Incrementalcostsdirectlyattributabletotheissueofordinarysharesarerecognisedasadeductionfromequity,netofanytaxeffects.


(k) ImpairmentThecarryingamountsoftheGroup’sassets,arereviewedateachbalancesheetdatetodeterminewhetherthereisanyindicationofimpairment.Ifanysuchindicationexists,thentheasset’srecoverableamountisestimated.Animpairmentlossisrecognisedwheneverthecarryingamountofanassetoritscash-generatingunitexceedsitsrecoverableamount.Impairment losses are recognised in the statement of comprehensive income.

Therecoverableamountofanassetorofcash-generatingunitis the greater of its value in use and its fair value less costs to sell.Inassessingvalueinuse,theestimatedfuturecashflowsarediscountedtotheirpresentvalueusingapre-taxdiscountratethatreflectscurrentmarketassessmentsofthetimevalueofmoneyandtherisksspecifictotheassetorcash-generating unit.

(l) ProvisionsAprovisionisrecognisedif,asaresultofapastevent,theGrouphasapresentlegalorconstructiveobligationthatcanbeestimatedreliably,anditisprobablethatanoutflowofeconomicbenefitswillberequiredtosettletheobligation.Provisionsaredeterminedbydiscountingtheexpectedfuturecashflowsatapre-taxratethatreflectscurrentmarketassessmentsofthetimevalueofmoneyandtherisksspecifictotheliability.Theunwindingofthediscountisrecognisedasfinancecost.

(i) Onerous contractsAprovisionforonerouscontractsisrecognisedwhentheexpectedbenefitstobederivedbytheGroupfromacontractarelowerthantheunavoidablecostofmeetingitsobligationsunder the contract. The provision is measured at the present valueoftheloweroftheexpectedcostofterminatingthecontractandtheexpectednetcostofcontinuingwiththecontract.Beforeaprovisionisestablished,theGrouprecognisesanyimpairmentlossontheassetsassociatedwiththat contract

(ii) RestructuringAprovisionforrestructuringisrecognisedwhentheGrouphas approved a detailed and formal restructuring plan and the restructuringeitherhascommencedorhasbeenannouncedpublicly.Futureoperatinglossesarenotprovidedfor.

(m) Leases(i)DeterminingwhetheranarrangementcontainsaleaseAtinceptionofanarrangement,theGroupdetermineswhethersuch an arrangement is or contains a lease.

At inception or on reassessment of an arrangement that containsalease,theGroupseparatespaymentsandotherconsiderationrequiredbysuchanarrangementintothosefortheleaseandthoseforotherelementsonthebasisoftheirrelativefairvalues.IftheGroupconcludesforafinanceleasethatitisimpracticabletoseparatethepaymentsreliably,thenanassetandaliabilityarerecognisedatanamountequaltothefairvalueoftheunderlyingasset.Subsequently,theliabilityisreducedaspaymentsaremadeandanimputedfinancecostontheliabilityisrecognisedusingtheGroup’sincrementalborrowingrate.

(ii) Leased assetsAssetsheldbytheGroupunderleasesthattransfertotheGroupsubstantiallyalloftherisksandrewardsofownershipareclassifiedasfinanceleases.Theleasedassetsaremeasuredinitiallyatanamountequaltotheloweroftheirfairvalue and the present value of the minimum lease payments. Subsequenttoinitialrecognition,theassetsareaccountedforinaccordancewiththeaccountingpolicyapplicabletothatasset.

Assetsheldunderotherleasesareclassifiedasoperatingleases and are not recognised in the Group’s statement of financialposition.

(iii) Lease paymentsPaymentsmadeunderoperatingleasesarerecognisedinprofitorlossonastraight-linebasisoverthetermofthelease.Lease incentives received are recognised as an integral part of thetotalleaseexpense,overthetermofthelease.

Minimumleasepaymentsmadeunderfinanceleasesareapportionedbetweenthefinanceexpenseandthereductionoftheoutstandingliability.Thefinanceexpenseisallocatedtoeach period during the lease term so as to produce a constant periodicrateofinterestontheremainingbalanceoftheliability.

(n)NewstandardsandinterpretationsnotyetadoptedAnumberofnewstandards,amendmentstostandardsandinterpretationsareeffectivefortheyearended31December2017,and,whererelevant,havebeenappliedinthepreparationoftheseconsolidatedfinancialstatements.

ThestandardsorinterpretationspublishedbytheInternationalAccountingStandardsBoard(IASB)andtheInternationalFinancialReportingInterpretationsCommittee(IFRIC)thatarenotineffectat31December2017andwhichmayberelevant,areasfollows:


• IFRS 9 Financial InstrumentsIFRS9introducesnewrequirementsforclassifyingandmeasuringfinancialassetsandliabilities.Thisstandardencompasses an overall change of accounting principles forfinancialinstrumentsandreplacesIAS39–thecurrentstandardonfinancialinstruments.Thestandardcontainsnewrequirementsforimpairmentoffinancialassetsandforhedgeaccounting. Graydon has decided to implement and adopt IFRS9asfromJanuary1,2018,whenitbecomeseffective.

Transition method GraydonwilladoptIFRS9asperJanuary1,2018,andwillnotrestateits2017comparativefigures.

ClassificationandmeasurementTheimpactontheclassificationandmeasurementoffinancialassetsisnotsignificant.

ThevastmajorityofOtherfinancialnon-currentassetsaswellastheTradeandotherreceivablesweremeasuredatamortizedcost,usingtheeffectiveinterestmethod,lessanyimpairmentlosses.InaccordancewithIFRS9,theseOtherfinancialnon-currentassetsandTradeandotherreceivableswillcontinuetobemeasuredatamortizedcost.

Impairment modelIFRS9introducesanewimpairmentmodel,wherebyrecognitionofanallowanceforexpectedcreditlossesonfinancialassetsisrequired,whichdeviatesfromtherecognitionofincurredcreditlossesunderIAS39.Thenewimpairmentmodelisapplicablefordebtinstrumentfinancialassetsmeasuredatamortizedcost,fordebtinstrumentfinancialassetsmeasuredatfairvaluethroughOthercomprehensiveincome,forleasereceivables,contractassets,loancommitmentsandcertainfinancialguaranteecontracts.

TheIFRS9impairmentmodelacceleratesthetimingofrecognizingimpairmentlosses,theimplementationofIFRS9willnotleadtorecognitionofany(material)additionalimpairmentlosseswithintheGraydonFinancialStatements.

•IFRS15RevenuefromContractswithCustomersIFRS15replacesexistingrevenuerecognitionguidanceinIFRS.Itintroducesafive-stepmodeltodeterminewhentorecognizerevenueandatwhatamount,basedontransferofcontrolovergoodsorservicestothecustomer.Newqualitativeandquantitativedisclosureswillalsoberequired.

Transition method GraydonwilladoptIFRS15asperJanuary1,2018andwillnotrestateits2017comparativefigures.

Rendering of servicesDuring2017,Graydonassessedtheimpactoftheimplementation of IFRS on its service contracts. Based on the assessment,GraydondeterminedthattheimplementationofIFRS15willnothaveamaterialimpactcomparedtoits current application of revenue recognition on services delivered.

• IFRS 16 Leases ThisstandardreplacestheexistingguidanceinIAS17Leasesandseveralinterpretations(IFRIC14,SIC-15andSIC-27).IFRS16(effective1January2019)establishesprinciplesfortherecognition,measurement,presentationanddisclosureofleases,withtheobjectiveofensuringthatlesseesandlessorsprovide relevant information that faithfully represents those transactions.

The Group is assessing the potential impact on its consolidatedfinancialstatementsresultingfromtheapplicationofIFRS16.

(o) Segment reportingThedisclosureofsegmentinformationisrequiredonlybythoseentitieswhosedebtorequityinstrumentsaretradeinpublicmarketorthatfile,orareintheprocessoffiling,therefinancialstatementswithasecuritiescommissionorother regulatory organisation for the purpose of issuing any classofinstrumentsinthepublicmarket.Withregardstothisexemption,thecompanyhasnotdisclosedsegmentinformation.

(p) Determination of fair valuesAnumberoftheGroup’saccountingpoliciesanddisclosuresrequirethedeterminationoffairvalue,forbothfinancialandnon-financialassetsandliabilities.Fairvaluesaredeterminedannuallyformeasurementand/ordisclosureofproperty,plantandequipment,intangibleassetsandprovisions.

The principal methods and assumptions used to estimate the fairvalueforrelevantfinancialstatementcaptionsare:

Trade and other receivables/ trade and other payablesThefacevalueofreceivablesandliabilitiesduewithinoneyearisregardedasareflectionoftheirfairvalue.Thefairvalueofallotherreceivablesandliabilitiesismeasuredonthebasisofpresentvalue.Thediscountfactorisbasedontheriskfreeinterestrateofthesamedurationofthereceivableandforpayableplusacreditmark-upreflectingthecreditworthinessof the Group.


1. Revenue 2017 2016

Credit information 36,102 38,363Risk and Compliancy 5,080 4,159Debt collection 4,070 5,035Marketing information 3,115 3,134Other 231 204

48,598 50,895

2. Salaries and social charges and pension expenses 2017 2016

Salaries 16,594 18,777Compulsory social security contributions 2,643 2,869Contributions to defined contribution plans 1,132 1,206

Social charges and pension expenses 3,775 4,075

20,369 22,852

Insalariesandsocialcharges/pensionexpenses,amountsof€2,087(2017)and€1,968(2016)respectivelyhavebeenexcluded,whichhavenotbeenchargedtotheprofitandloss,buthavebeencapitalizedasadditiontointangibleassets(databases).

Pension plansAt31December2012,thecompanyreportedtwopensionplansasdefinedbenefitsplans,oneplanrelatestotheNetherlands and one relates to Belgium. In addition the companycontributestoseveraldefinedcontributionplans.During2013thecompanysettledtheDutchdefinedbenefitplanandredefinedthestatusoftheBelgiumemployeebenefitplan,leadingbothplanstobeaccountedforasdefinedcontributionplansasfrom2013.

The NetherlandsAt31December2012thecompanyoperatedafinalpaypensionplanforcertainDutchemployees.Thiswasaclosedpensionplanasof31December1997andwassponsoredfortheemployeeswhowereinserviceatthatdateandchosetoremainparticipantinthisplan.Nonewemployeeswereable

toenterthisplan.At31December2013thispensionplanwassettledbymeansofatransfertoanInsurancecompanyandthereforethisplanisaccountedforasdefinedcontributionasof1January2013.

Thechangedpensionplanisintegratedintheexistingdefinedcontributionplanthatisexecutedbyanexternalinsurancecompany(NationaleNederlanden).

Inaddition,thedefinedbenefitschemesofthreeformerexecutivesareaccountedforasdefinedcontributionschemesduetothefactthatthecompanysettledfutureinterestrate,longevityandindexationrisks.Thecompanyisobligedtopaythe predetermined premium for these plans. The Group did not makeanymaterialcontributionsin2016or2015.

BelgiumDuring2016,theGraydonBelgiumActuary(VanBreda)performedanassessmentonthequalificationoftheGraydonBelgiumNVpensionplananddeterminedthattheDefinedContributionplancanbeconsideredas“planwithguaranteedreturn”andhastobeconsideredasaDefinedbenefitplan”.

Financial lease liabilitiesThefairvalueisestimatedonthebasisofthepresentvalueofthefuturecashflows,discountedattheinterestrateforleasecontractsofasimilarkind.Theestimatedfairvaluereflectsmovements in interest rates.

(q)ConsolidatedstatementofcashflowsThecashflowstatementhasbeenpreparedusingtheindirectmethod.Thefundsinthecashflowstatementconsistonlyofcash.Incomeandexpenditureowingtointerestandtaxonprofitshavebeenincludedunderthecashflowfromoperatingactivities.


3. The average number of FTE 2017 2016

The Netherlands 155 161Other countries 152 163

307 324

4. Other operating expenses 2017 2016

Production & Sales 16,087 15,735Office 2,078 1,994Personnel 4,946 5,063Marketing 2,210 2,409Other 2,933 2,154

28,254 27,355

5. Income tax expenseReconciliation of effective tax rate 2017 2016

Profit before tax -1,498 -1,230

Tax using the company’s domestic corporation tax rate 375 298Effect of tax rates in foreign companies -196 -38Effect of differences commercial - fiscal result -286 295Unrecognized Net Operating Losses -411 -Impact of rate change - - Adjustments of previous years -169 -34Other 17 -16

Incometaxinstatementofprofitorloss -670 503

Werefertonote16‘Employeebenefits’forfurtherdisclosureoftheBelgiumdefinedbenefitpensionplan.

United KingdomIntheUnitedKingdom,thecompanymakescontributionstoarelativelysmalldefinedcontributionplanwhichisexecutedbyan outside insurance company.


Reconciliation of effective tax rateIn percentage 2017 2016

Profit before tax 100 100

Income tax using the domestic corporation tax rate 25.0 24.2Effect of tax rates in foreign companies -13.1 -3.1Effect of differences commercial - fiscal result -19.1 23.9 Unrecognized Net Operating Losses -27.4 - Impact of rate change - - Adjustments of previous years -11.3 -2.8 Other 1.1 -1.3

Incometaxinstatementofprofitorloss -44.7 -40.9

TheGroupbelievesthatitsaccrualsfortaxliabilitiesareadequateforallopentaxyearsbasedonitsassessmentofmanyfactors,includinginterpretationsoftaxlawandpriorexperience.

6. Property, plant and equipment Property, plant and equipment Other Total

Book value at 1 January 2017Costs at 1 January 2017 4,545 2,546 7,091Depreciation at 1 January 2017 -4,176 -2,301 -6,477

Book value at 1 January 2017 369 245 614

MovementsAdditions 827 17 844Disposals 2 - 2Depreciation charge for the year 326 58 384FX differences on depreciation -1 -1 -2

496 -41 455

Book value at 31 December 2017Costs at 31 December 2017 5,202 2,561 7,765Depreciation at 31 December 2017 -4,337 -2,359 -6,696

Book value at 31 December 2017 865 204 1,069

Property, plant and equipmentPropertyplantandequipmentconsistmainlyofourcomputerhardwareandofficeinventory.Othersectionismainlyourcarparkand art collection.

Impairment lossTheperformedimpairmentanalysisdoesnotshowanyimpairmenttriggers(2016:noimpairmenttriggers).


Databases,internaldevelopedsoftwareandpurchasedsoftware.Databasesrefertothecostofpurchasingandenrichingdataindatabasesandaccompaniedemployeeexpenses.

InternallydevelopedsoftwarereferstosoftwarewhichisdevelopedbytheGroup.

Purchasedsoftwarereferstosoftwarethatispurchasedfromathirdparty.InthepurchasedsoftwareanamountofEUR3,424isincludedrelatedtoAssetsUnderConstruction(2016:EUR870).

Amortisationofdatabasesandinternaldevelopedsoftwareisaccordingto65%/30%/5%asthevalueofprogressivelydecreasingfrom1styearonwards.

7. Intangible assets Internally developed Purchased Databases software software Total

Book value at 1 January 2017Costs at 1 January 2017 53,437 3,455 10,969 67,861Amortisation at 1 January 2017 -47,316 -3,399 -4,682 -55,398

Book value at 1 January 2017 6,120 56 6,287 12,463

MovementsAdditions 8,303 - 2,556 10,859Disposal - - - -Amortisation charge for the year 7,452 56 1,847 9,355FX differences -28 - - -28

823 -56 709 1,476

Book value at 31 December 2017Costs at 31 December 2017 61,712 3,455 13,525 78,692Amortisation at 31 December 2017 -54,769 -3,455 -6,529 -64,753

Book value at 31 December 2017 6,943 - 6,996 13,939

Impairment testTheperformedimpairmentanalysisdoesnotshowanyimpairmenttriggers(2016:noimpairmenttriggers).

Theadditionstodatabasesexistofthefollowingamounts:

2017 2016Salaries 1,692 1,582Social charges and pension 395 405Purchased data 6,216 5,446 8,302 7,433

Deferredtaxassetsandliabilitiesrelatetotemporarytaxdifferencesregardingvaluationoftangibleandintangibleassetsandsomeotherreceivables.

Anamountof€8DeferredtaxassetrelatedtoactuarialresultsontheBelgiumdefinedbenefitpensionplanwaschargeddirectlytotheequity.Fordepreciation/amortisationseesignificantaccountingpolicysection.

8. Deferred tax assets and liabilitiesDeferred tax assets and liabilities are attributable to the following:

At 31 December Assets Liabilities Net

2017 2016 2017 2016 2017 2016Net Operating Losses 2,012 1,697 - - 2,012 1,697Tangible assets - 19 - - - 19Intangible assets 250 296 -1,685 -1,469 -1,436 -1,173Other receivables 8 - - - 8 -

Net tax assets / (liabilities) 2,269 2,012 -1,685 -1,496 584 543


Attheendof2017,thecompanyhastaxlossescarriedforward(TheNetherlands€1,374(2016:€1,193).Basedonthemid-termforecastpreparedin2017andtherenewedcorporatestrategy,managementbelievesthatit’sprobablethatfuturetaxableprofitswillbeavailableagainstwhichtheycanbeutilised.

Therefore,deferredtaxassetsarerecognisedforunusedtaxlossesinTheNetherlands€2,022(2016:€1,679).

Attheendof2017,thecompanyhasunrecognizedtaxlossesrealizedintheUKduring2017amountingto€1,915(2016:€-).

2017 Net balance Recognised Net balance Deferred Deferred at 1 January in profit or loss at 31 December tax assets tax liabilities

Net Operating Losses 1,697 315 2,012 2,012 -

Tangible assets 19 -19 - - -

Intangible assets -1,173 -263 -1,436 250 -1,685

Other receivables - 8 8 8 -

Net tax assets / (liabilities) 543 41 584 2,269 -1,685

9. Trade and other receivables and prepayments

2017 2016Trade receivables 6,071 7,885Other trade receivables and prepayments 2,755 2,483

8,826 10,368

Anamountof€37(2016:€178)isincludedinthetradereceivablesandrelatestolongtermcontracts.Tradereceivablesareshownnetofaprovisionforbaddebtsof

31December2017€951(2016:€1,312).Duringtheyear,anamountof€630(2016:€632)waschargedtothestatementofprofitandlossandaddedtotheprovisionforbaddebts.

10. Cash and cash equivalents 2017 2016Bank balances 8,301 12,981

Cashandcashequivalentsinthestatementofcashflows 8,301 12,981

11. EquityFor an overview of the transactions in equity see the consolidated statement of changes in Equity on page 17.

Share capitalThe shares amount to € 1,- nominal each.

Number of shares Ordinary shares 2017 2016

Authorized and issued capital at 1 January 1,500,000 1,500,000

Authorized and issued capital at 31 December 1,500,000 1,500,000

TherearebankguaranteesfortherentedpremisesinBelgiumforatotalof€315(2016€353).Anamountof€343isguaranteedtothirdpartiesrelatedtorentedpremisesin The Netherlands.

Inthebankbalancesisanamountof€3,679(2016:€3,534)separated in ”Stichting Derdengelden Graydon Incasso” that belongstodebtcollectionclientsandisnotavailableforusebythe company.

Movement in deferred tax assets and liabilities during the year:


Share premiumThis share premium represents the amount received from shareholdersforsharesinexcessofthenominalvalueatthedate of incorporation of the company.

ReservesThe reserves include a legal reserve and a translation reserve.

Legal reserveThelegalreserverepresentstheamounttobeheldagainsttheintangibleassets.Thereserveisnotfreeatdisposaltoshareholders.

Translation reserveThetranslationreservecomprisesallforeignexchangedifferencesarisingfromthetranslationofthefinancialstatements of foreign operations that are not integral to the operationsoftheCompany,aswellasfromthetranslationofliabilitiesthathedgetheCompany’snetinvestmentinaforeignsubsidiary.

Proposed allocation of 2017 resultsThe Managing Board proposes to the General Meeting of Shareholderstoallocatethenegativeresult2017of€2,168to the retained earnings.

12. ProvisionsOPS restructuring

2017 2016Provision at 1 January 1,127 1,626Additions - 54Used - -553Released -1,127 -

Provision at 31 December - 1,127

Non-current portion of provisions - -Current portion of provisions - 1,127

Provision at 31 December - 1,127

Other 2016 2015Provision at 1 January 381 960Additions 1,264 131Used - -710Released -231 -

Provision at 31 December 1,414 381

Non-current portion of provisions - -Current portion of provisions 1,414 381

Provision at 31 December 1,414 381


14. Trade and other payables

2017 2016

Trade payables 5,505 4,918Taxes and social charges 1,780 2,006Debt collection liabilities 2,132 1,925Non-trade payables and accrued expenses 3,976 4,487

13,393 13,336

Thedebtcollectionliabilitiesrelatetoexpensesincurredforclientswithrespecttothirdparties,togetherwithfundsreceived for clients.

15. Deferred incomeTheliabilityfordeferredincomeof€10,453(2016:€13,032)pertainstoamountspaidbycustomersandsetasideforservicestobeperformedinthefuture;themaximumperiodis5yearsandtheaverageis2years.

During2014,thegroupenteredintoafinancialleasecontractwithOraclewithrespecttohard-andsoftwareforathreeyearterm.Aftertheendofthecontractterms,thegroupwillbecomeowneroftherelatedhardwareandsoftwarefor€10,-.Theleasedequipmentsecuresleaseobligations.

At31December2017,thenetcarryingamountoftheleasedequipmentwas€-(2016:€640)relatedtoboththesoftware(Intangibleassets)asthehardware(Tangibleassets)component. The principal of the lease contract amounts to €2,935whichincludes€55interesttobepaidoverthecontract term.

No securities are granted.

13.LoansandborrowingsFinance lease liabilities are payable as follows:

2017 2016 Future minimum Interest Present value Future minimum Interest Present value lease payments of minimum lease payments of minimum lease payments lease payments

Less than 1 year - - - 269 8 261Between 1 and 5 years - - - - - -

- - - 269 8 261

During2014,thecompanyhasidentifiedafewspecificcasesregardingincompleteremittanceoftaxationwithapreviouslyestimatedamountof€231andhasbeenprovidedintheperiod2014–late2017assuch.ThefullamountwasreleasedthoughtheP&Lasthepossibilityfromlocaltaxauthoritiestoappealexpiredbytheendof2017.

OPSrestructuringconcernsaprovisiontoadjusttheorganizationtothenew,moreautomatedprocessesinthe Netherlands and Belgium. The Group recognised a

provisionforexpectedrestructuringcostsmainlyrelatedtoemployeeterminationbenefits.ThisrestructuringwasstartedinpreviousyearsforOPSinTheNetherlandsandhasbeencompletelyexecutedduring2016.AprovisionfortherestructuringofOPSinBelgiumwasformedduring2014.During2017,managementassessedtheapplicabilityoftheBelgiumOPSrestructuringandreviewedtheassumptions.ThisleadtothereleaseoftheprovisionthroughtheP&Lasthetimingofexecutionofthereorganizationandthescopecouldnolongerbeestimatedreliably.


16.EmployeebenefitsAsof1January2016,achangeinBelgiumpensionlegislationbecameeffective(‘WetAanvullendPensioen’).Until1January2016plansponsorsneededtoguaranteeaninterestrateof3,25%onemployerpensioncontributionsand3,75%onemployeecontributions(ifany).Asof1January2016,thefuturelegalinterestguaranteebecamevariable,relatedtoBelgianBonds(OLO,10years),betweenaninterestrateof1,75%-3,75%.

TheBelgiumpensionplanisapplicabletoallGraydonBelgiumNVemployeesandisinsuredwithVivium.Allemployeesareaffiliatedasfromtheirdateofhiring.Employeescontributionamountsto1,5%ofthe13months’salary(basedonSeptembermonthlyincome).Employercontributiontotheplanrangesfrom3-5%ofthe13months’salary.

TheGraydonBelgiumActuary(VanBreda)performedanassessmentonthequalificationoftheGraydonBelgiumNVpensionplananddeterminedthattheDefinedContributionplancanbeconsideredas“planwithguaranteedreturn”andhastobeconsideredasaDefinedbenefitplan”.

Consequently,VanBredahasmadeanactuarialcalculationontheGraydonBelgiumNVpensionplan,valuatingthe2017DefinedBenefitObligationandtherelatedPlanAssets.Basedontheactuarialcalculationan(un)fundedstatusofEUR23(2016:€18)hasbeendetermined.

Asplanassetsincludequalifyinginsurancepolicies,thefairvalue of the insurance policies is deemed the present value of therelatedobligations.

Funded Status 31 December 2017 31 December 2016 Assets Employee 1,566 1,594 Employer 5,467 4,826 Total 7,033 6,420 Employer Liabilities DBO Excluding Taxes 7,056 6,436 Taxes - 2 DBO Including Taxes 7,056 6,438 Assets 7,033 6,420 Unfunded Defined Benefit Obligation 23 18


Astheplanassetsincludequalifyinginsurancepolicies,thefairvalueoftheinsurancepoliciesisdeemedtobethe-presentvalueoftherelatedobligations.

Change in Defined Benefit Obligation 2017 Defined Benefit Obligation as of the Prior Period End Date 6.438Current Service Cost 193Interest Cost on the DBO 135Plan Participants' Contributions 30Net Actuarial (Gain) / Loss - Experience -35Net Actuarial (Gain) / Loss - Financial Assumptions 369Disbursements from Plan Assets -58Disbursements Directly Paid by the Employer -16

Defined Benefit Obligation as of the Period End Date 7.056

Change in Plan Assets 2017

Fair Value of Plan Assets as of the Prior Period End Date 6.420 Interest Income on Plan Assets 137 Return on Plan Assets Greater / (Less) than Discount Rate 320 Employer Contributions 184 Plan Participants' Contributions 30 Disbursements -58

Fair Value of Plan Assets as of the Period End Date 7.033


TheGroupexpectstopay€172incontributionstoitsdefinedbenefitplansin2018(2017:€176).

Contributions 31 December 2017 31 December 2016 Employer contributions 184 173 Employee contributions 30 34

Total contributions 214 207 Taxes on employer contribution and employee contribution 9 9 Wage Tax on employer contribution 16 16

Taxes(wage) 25 25

Active members 31 December 2017 31 December 2016 Number 88 90Total pay-roll (full-time year salaries) (in €) 3,857 3,780Average salary (in €) 44 42Average age 41 years and 5 months 40 years and 10 monthsAverage past service 11 years and 9 months 12 years and 3 months

Original 31 December 2017 31 December 2016 a. Rate 1.75% 2.10%b. DBO 7,056 6,436 c. Normal Cost 226 201 d. Fair value of assets 7,033 6,420

Deferred vested 31 December 2017 31 December 2016 Number 246 232 Average age 42 years and 5 months 41 years and 9 months

Economic assumptions

Salary increase: 3,25% per annum until the age of 55 2,00% per annum afterwards. Inflation excluded.

Thefollowingweretheprincipalactuarialassumptionsatthereportingdate(expressedasweightedaverages):

• Inflation rate 1,75%• Discount rate 1,75%• Expected Return on Assets 1,75%

Sensitivity Analysis Reasonablypossiblechangesatthereportingdatetooneoftherelevantactuarialassumptions,holdingotherassumptions

constant,wouldhaveaffectedthedefinedbenefitobligationbytheamountsshownbelow.

Employee information


18. Related partiesParent and ultimate controlling partyThecompanyconsidersitsshareholder(seepage22)andthecompaniesinwhichitholdsequitystakesasrelatedparties.

TheshareholderisalsoclientoftheGroup,therelatedturnoveramountsto€565(2016€578).Thisisallrelatedtocreditmanagementservices.Allthetransactionswiththeshareholderwereconcludedonandatanarms’lengthbasis.

ThetransactionswiththecompaniesinwhichtheCompanyholdsequityinvestmentswerenotsignificant.Thebalancesheetcontainsareceivableontheshareholderof€25(2016:€76).GraydonHoldinghasManagementServiceAgreementswithhersubsidiaries.In2017,GraydonHoldingchargedanamountof€10,568(2016:€4,523)toitssubsidiaries.

Key management personnel compensationKey management personnel compensation relates to management team that leads the Group and amounts to

€1,892(2016€1,504),whichincludes€144compensationforpensionpremiumsand€24relatedtoothercompensationsuchascarallowance.Theincreaseinmanagementpersonnelcompensationiscausedbyachangeinmanagementstructure during the year.

19. Risk ManagementGeneralAspartoftheoperationalactivities,theGroupisexposedtorisksrelatingtodatabasesandITissues.TheGroupdoesnotusefinancialinstrumentslikebonds,sharesorderivatives.TheGroup only uses time deposits to optimise the interest earnings forthecashatbanks.

Therefore,theGroupdoesnotrunlargerisksregardingfinancialinstruments,suchascreditrisks,liquidityrisksandmarketrisks.Marketriskcanbebrokendownintointerestraterisks,foreignexchangerisksandpricerisks.TheGrouprunsinterestraterisksontheiroutstandingcashatbanksandcreditrisksonthetimedepositsanddebtors.

Current 2017 2016Less than one year 2,694 3,173

Non currentBetween one and five years 4,414 5,970More than five years 1,602 464

8,710 9,607

17. Commitments and contingent liabilitiesTheGrouphascommitmentsandcontingentliabilitiesforrentofbuildings,carsandcomputerleasing.

TheGroupleasesanumberofbuildings,carsandcomputers.Thebuildingleasesvaryfrom3yearstomorethan5years.Thecarleasesvaryfrom1yearto4years.Thecomputerleasesvaryfrom1yearsto4years.

31 December 2017 31 December 2016Valuation Trend -1.00% -1.00% a. Rate 0.75% 1.10%b. DBO 8,273 7,580 c. Normal Cost 261 234 d. Fair value of assets 8,242 7,555

31 December 2017 31 December 2016Valuation Trend -1.00% -1.00% a. Rate 2.75% 3.10%b. DBO 6,060 5,525 c. Normal Cost 200 175 d. Fair value of assets 6,024 5,514

Althoughtheanalysisdoesnottakeaccountofthefulldistributionofcashflowsexpectedundertheplan,itdoesprovideanapproximationofthesensitivityoftheassumptionsshown.


GraydonhassubsidiariesintheUnitedKingdom.Therefore,fortheGroupfinancialstatementsGraydonisexposedtoforeignexchangeriskontheseactivities.

TheaimoftheriskpolicyistolimittheseriskstolevelsacceptabletoGraydon.Thissectionofthenotesprovidesdisclosuresconcerningtherisksidentifiedaboveandtheaims,policiesandproceduresoftheGroupformanagingandmeasuringtheserisks.Inaddition,theseconsolidatedfinancialstatements include quantitative disclosures.

The Audit Committee of Graydon oversees the adequacy of theriskmanagementinconnectionwiththeriskstowhichGraydonisexposed.TheAuditCommitteeissupportedinitssupervisorypositionbytheInternalAuditfunctionwithinGraydon.ThisfunctionprovidesadditionalassuranceconcerningthepropercontrolofalltheGraydonbusinessprocessesbyperformingregularandoccasionalevaluations.InternalAudit’sfindingsarereportedtotheAuditCommittee.

Credit riskCreditriskistheriskoffinanciallossbyGraydonifacounterpartyofafinancialinstrumentdoesnotmeetitscontractualobligations.Creditrisksmainlyarisefromreceivablesfromcustomersandfromdeposits.Graydon’spolicyregardingthecreditriskofthetimedepositsisthattimedepositsonlymaybeinvestedinpartiesthathaveatleastanA+Long-termrating(basedonS&Prating).

Graydon’screditriskismainlydeterminedbytheindividualcharacteristics of the customers. The demographic aspects of thecustomerbase,theriskofnon-paymentinthesectorandthecountryinwhichthecustomersareactive,havelessimpactonthecreditrisk.

Aspartofthecreditpolicyusedbythebusinessunits,theindividualcreditworthinessofeachcustomerisassessedbeforestandardpaymentanddeliveryconditionsareofferedtothecustomer.Inthecaseofcontractextensions,figuresfromthebusinessunit’sownexperiencearealsousedinassessingthecustomer’screditworthiness.Deliveriestocustomerswithahighriskprofileareonlymadeafterapprovalbythemanagement.Businesshasbeendonewiththemajorityofcustomersformanyyears,withonlyincidentalnon-materiallosses.

The Group has formed a provision for impairment for the amount of the estimated losses from trade and other receivables.Themostimportantelementsofthisprovisionareaspecificlossprovisionforimportantindividualpositionsandagrouplossprovisionforgroupsofcomparableassetsconcerninglossessufferedbutnotyetidentified.TheGrouplossprovisionisdeterminedonthebasisofhistoricpaymentdataforcomparablefinancialassets.

Themaximumexposuretocreditriskatthereportingdateisthecarryingvalueofeachclassofreceivablesmentionedinnote9.Wedonotholdanycollateralfortradereceivables.Wedonothaveasignificantcustomerconcentration.

Peryearend,theaveragenumberdaysoutstandingontradereceivableswas57.Thisnumberincludesthedaysoutstandingforlongtermreceivables(mainlyrelatedtoGraydonBelgium)includedintheTradeReceivablesnumber.BasedontheamountsreceivedonTradeReceivablesoutstandingperyearendinthefirstquarterof2018,thecreditriskonTradeReceivablesisassessedaslow.

Withrespecttothetradeandotherreceivablesthatareneitherimpairednorpastdue,therearenoindicationsasofreportingdatethatthedebtorswillnotmeettheirpaymentobligations.TheGroupheldcashandcashequivalentsof€8,301at31December2017(2016:€12,981).ThecashandcashequivalentsaremainlyheldwithbankandfinancialinstitutioncounterpartiessuchasABN-AMROandKBC,whichareratedA-toA+,basedonratingsbyFitch,Moody’sandS&P.

Interest rate riskAchangeof100basispointsininterestratesatthereportingdatewouldhavenomaterialimpactonequityandprofit.

Liquidity riskLiquidityriskistheriskthattheGroupwillencounterdifficultyinmeetingtheobligationsassociatedwithitsfinancialliabilitiesthataresettledbydeliveringcashoranotherfinancialasset.Liquidityriskismanagedcentrallybymanagement,basedonrollingcashflowforecastsmadeonamonthlybasisforthegroupasawhole.

Thecontractualmaturitiesoffinancialliabilitieswhichresultinapaymentoutflow,allrelatetonon-derivativefinancialliabilitiesandconsistofTradeandotherpayablesandtheFinancialLeaseliabilityandamountto€10,801(2016:€10,103).Allfinancialliabilitiesareduewithintheupcomingyear.

TheliquidityriskoftheGroupisverylimited.Themajorityoftheclients pay upfront. The deferred income consists largely out of alreadypaidamounts(seenote15).

Currency riskTheGroupisexposedtocurrencyrisktotheextentthatthereisamismatchbetweenthecurrenciesinwhichsales,purchasesandborrowingsaredenominatedandtherespectivefunctionalcurrencies of Group companies. The functional currencies of Group companies are primarily the euro and British pound (GBP).ThecurrenciesinwhichthesetransactionsareprimarilydenominatedareeuroandGBP.

TheGroup’sexposuretoforeigncurrencyriskislimitedtoapositionof€2,627(GBP2,330)thatisheldinGBP(2016:€3,221(GBP3,769)andrelatestothesubsidiaryintheUnitedKingdom.

Thegroupdoesnotusehedgestomitigatetherisksofforeigncurrencyexposures.


20. Financial Instruments Thecarryingamountsoffinancialassetsandliabilitiesbelongingtothevariousmeasurementcategories,classifiedbybalancesheetcategoryandnon-currentandcurrentitemsareasfollows:

21. Subsequent events OnMarch19,2018,GraydonanditsShareholderagreedaCapitalContributionofEUR4millionexecutedperMarch28,2018.

in thousands of € Measurement Carrying Carrying category in acc. Amount Amount withIAS39 2017 2016

Trade accounts receivable LaR 6,071 7,885 Other financial assets LaR 2,755 2,483 Cash and cash equivalents LaR 8,301 12,981

Financial assets 17,127 23,349

Liabilities from financial leases FLAC - 261 Trade accounts payable FLAC 5,505 4,918 Other financial liabilities FLAC 5,093 4,924

Financial liabilities 10,599 10,103

Aggregated according to categories as defined in IAS 39 Loans and receivables (LaR) 17,127 23,349 Financial liabilities measured at 10,599 10,103 amortized cost (FLAC) Available for sale (AfS) - - Financial liabilities held for trading (HfT) - -

Thefollowingsignificantexchangerateswereappliedduringthe year:

Sensitivity analysisA10%strengtheningofthe€againstGBPatyear-endwouldhavedecreasedprofitforthereportingperiodby€3andtheequitypositionbysome€348.Thisanalysisassumesthatallothervariables,particularlyinterestrates,remaincon¬stant.A10%weakeningofthe€againstGBPasatyear-endwouldhavehadtheequalbutoppositeeffect,assumingthatallothervariablesremainconstant.

Fair value versus carrying amountThecarryingamountsforfinancialassetsandliabilitiesincludedonthebalancesheetdonotmateriallydifferfromthefair value.

Average exchange Spot rate on rate for the year balance sheet date

2017 2016 2017 2016

GBP 1.14 1.26 1.13 1.17


Company statement of balance sheetbefore result appropriationAs at 31 December


Assets Intangible assets 1 6,538 5,895 Property, plant and equipment 2 210 197 Subsidiaries 3 10,950 11,643 Deferred tax assets 2,269 1,977

Totalnon-currentassets 19,967 19,712

Income tax receivable - 280Other trade receivables and prepayments 4 2,116 1,130 Cash and cash equivalents 293 286

Total current assets 2,409 1,696

Total assets 22,376 21,408

Equity Share capital 5 1,500 1,500 Share premium 5 1,376 1,376 Legal reserve 5 13,974 12,463 Foreign currency translation reserve 5 -796 -724 Retained earnings 5 -5,790 -3,540 Profit for the year 5 -2,168 -727

Total equity 5 8,096 10,347

Liabilities Deferred tax liabilities 1,138 992 Loans and Borrowings 7 - -

Totalnon-currentliabilities 1,138 992 Provisions 6 1,516 - Loans and Borrowings 7 - 261 Trade and other payables 8 11,626 9,068

Total current liabilities 13,142 9,329

Total liabilities 14,280 10,321

Total equity and liabilities 22,376 21,408


in thousands of € 2017 2016 Results from Group companies after taxation -2,112 -1,056 Other results after taxation -56 329

Profit for the period -2,168 -727

Thenotesonpages50to55areanintegralpartofthesecompanyfinancialstatements.

Company income statement



Notestothe2017Companyfinancialstatements

GeneralTheCompanyfinancialstatementsarepartofthe2017financialstatementsofGraydonHoldingN.V.(the‘Company’).WithregardtotheCompanyincomestatementofGraydonHoldingN.V,theCompanyhasmadeuseoftheoptionprovidedbySection402ofBook2oftheNetherlandsCivilCode.

Principles of valuation of assets and liabilities and determination of resultsInselectingtheprinciplesofvaluationofassetsandliabilitiesand determination of results employed in the company financialstatements,GraydonHoldingN.V.hasmadeuseoftheoptionprovidedbySection362,subsection8,ofBook2oftheNetherlandsCivilCode.Consequently,theprinciplesofvaluationofassetsandliabilitiesanddeterminationofresults(the‘accountingpolicies’)employedintheCompanyfinancialstatements of Graydon Holding N.V. are identical to those employedintheconsolidatedEU-IFRSfinancialstatements.InterestsinentitiesinwhichGraydonHoldingN.V.hassignificantinfluencearemeasuredusingtheequitymethod.TheconsolidatedEU-IFRSfinancialstatementshavebeenpreparedinaccordancewiththestandardsadoptedbytheInternational Accounting Standards Board as endorsed for use

intheEuropeanUnion(hereinafterreferredtoas‘EU-IFRS’).These policies are discussed in notes a – q.

ProvisionForsubsidiarieswithanegativeequityvalue,aprovisionisrecorded.Thismeasurementalsocoversanyreceivablesprovidedtothesubsidiariesthatare,insubstance,anextensionofthenetinvestment.Inparticular,thisrelatestoloansforwhichsettlementisneitherplannednorlikelytooccurintheforeseeablefuture.IftheCompanyfullyorpartiallyguaranteesthedebtsoftherelevantsubsidiary,orifithastheconstructiveobligationtoenablethesubsidiarytopayitsdebts,thenaprovisionisrecognisedaccordinglytotheamountoftheestimatedpaymentsbytheCompanyonbehalfofthesubsidiary.

The share in the results of Group companies relates to the Company’s share in the results of those companies. Results ontransactionswherebyassetsandliabilitieshavebeentransferredbetweentheCompanyanditssubsidiariesandbetweensubsidiarieshavenotbeenrecognisedtotheextenttheycanbeconsideredunrealised.

1. Intangible assets

InternallydevelopedsoftwarereferstosoftwarewhichisdevelopedbytheCompany.

Purchasedsoftwarereferstosoftwarethatispurchasedfromathirdparty.InthepurchasedsoftwareanamountofEUR3,225isincludedrelatedtoAssetsUnderConstruction(2016:EUR870).

Amortisationofinternaldevelopedsoftwareisaccordingto65%-30%-5%asthevalueofprogressivelydecreasingfrom1styearonwards.

Impairment testTheperformedimpairmentanalysisdoesnotshowanyimpairmenttriggersin2017and2016.

Internally developed Purchased software software Total Book value at 1 January 2017 Costs at 1 January 2017 130 9,210 9,340 Amortisation at 1 January 2017 -130 -3,315 -3,445

Book value at 1 January 2017 - 5,895 5,895

Movements Additions - 2,355 2,355 Disposal - - - Amortisation charge for the year - 1,712 1,712

- 643 643

Book value at 31 December 2017 Costs at 31 December 2017 130 11,565 11,695 Amortisation at 31 December 2017 -130 -5,027 -5,157

Book value at 31 December 2017 - 6,538 6,538


Impairment testTheperformedimpairmentanalysisdoesnotshowanyimpairmenttriggersin2017and2016.

2. Property, Plant & Equipment

Property,plant and equipment Total

Book value at 1 January 2017Costs at 1 January 2017 867 867Depreciation at 1 January 2017 -669 -669Book value at 1 January 2017 198 198

MovementsInvestments 237 237Disposals - -Depreciation charge for the year -225 -225 12 12

Book value at 31 December 2017Costs at 31 December 2017 1,104 1,104Depreciation at 31 December 2017 -894 -894Book value at 31 December 2017 210 210

3. Subsidiaries

Total Total 2017 2016Balance as per 1 January 11,643 12,197

Exchange rate differences -72 -591Result for the year -2,112 -1,056Investments and Loans provided -3 1,114 Dividend received - -Adjustments opening balance -22 -21

Net balance subsidiaries as per 31 December 9,434 11,643

Provision negative equity value subsidiaries 1,516 -

Balance subsidiaries as per 31 December 10,950 11,643


4. Other trade receivables and prepayments

Allreceivablesareduewithinoneyear.NoreceivablesonGroupcompaniesareincludedin2017and2016atbalancesheet date.

5. EquityForanoverviewofthetransactionsinequityseetheconsolidatedstatementofchangesinEquityonpage19.

Share capitalThesharesamounttoEUR1,-nominaleach.

Number of shares Ordinary shares

2017 2016Authorizedandissuedcapitalat1January 1,500,000 1,500,000

Authorizedandissuedcapitalat31December–fullypaid 1,500,000 1,500,000

Share premiumThis share premium represents the amount received from shareholdersforsharesinexcessofthenominalvalueatthedate of incorporation of the company.

ReservesThe reserves include a legal reserve and a translation reserve.

Legal reserveThelegalreserverepresentstheamounttobeheldagainsttheintangibleassets.Thereserveisnotfreeatdisposaltoshareholders.

Translation reserveThetranslationreservecomprisesallforeignexchangedifferencesarisingfromthetranslationofthefinancialstatements of foreign operations that are not integral to the operationsoftheCompany,aswellasfromthetranslationofliabilitiesthathedgetheCompany’snetinvestmentinaforeignsubsidiary.

Result allocation for 2016Thenegativenetresult2016of€727hasbeenallocatedtothe retained earnings.

Proposed allocation of 2017resultsThe Managing Board proposes to the General Meeting of Shareholderstoallocatethenegativeresult2017of€2,168to the retained earnings.

* Asper1January2016,GraydonCollectionsBVBAwasmergedwithGraydonBelgiumNV.

Country of Ownershipinterest incorporation 31 December 2017 31 December, 2016

Graydon Nederland B.V. Netherlands 100 100

Open Companies B.V. Netherlands 100 100

Graydon Belgium N.V. Belgium 100 100

Graydon UK Ltd. United Kingdom 100 100

Giant.net B.V. Netherlands 100 100Stichting Derdengelden Graydon Incasso Netherlands - -Graydon Incasso B.V. Netherlands 100 100Graydon Collections B.V.B.A.* Belgium - -


Provision negative equity value subsidiaries 2017 2016

Provision at 1 January - -Additions 1,516 -Used - -Released - -

Provision at 31 December 1,516 -

Non-current portion of provisions - -Current portion of provisions 1,516 -

Provision at 31 December 1,516 -

6. ProvisionsAprovisionofEUR1.516hasbeenrecognisedduringtheyearrelatedtoanegativesubsidiaryequityvalue.Areversalofthenegativenetequityvalueisexpectedin2018.


8. Current liabilitiesAllcurrentliabilitiesareduewithinoneyearwhichrelatesof€11,374(2016:€8,695)toGraydongroupcompanies.

9. Remuneration of members of the Managing Board and the Board of Supervisory DirectorsIncaseofoneManagingBoardmember,Dutchlegislationdoes not require to disclose the amount of this remuneration. ThecombinedremunerationofthetwocurrentmembersoftheBoardofSupervisoryDirectorsamountsto€43fortheir2017activities.

10. Fees of the auditorWithreferencetoSection2:382a(1)and(2)oftheNetherlandsCivilCode,thefollowingfeesforthefinancialyearhavebeenchargedbyKPMGAccountantsNVtothecompany:

2017 2016Statutory audit of annual accounts 180 230Other assurance services 40 -Taxadvisoryservices - -Other non-audit services - 30Total 220 260

11. Commitments and contingent liabilitiesTheCompanyhasassumedunlimitedliabilityasmeantinArticle403,Part9,Book2oftheNetherlandsCivilCodeforthewhollyownedDutchsubsidiarieswhosefinancialstatementshavebeenincludedintheconsolidatedfinancialstatements.Accordingly,thesesubsidiariesapplytheexemptionprovidedforinthisarticle,inpreparingandfilingtheirfinancialstatements.

TheCompanyanditswhollyownedDutchsubsidiariesformonetaxunity.Asaconsequence,thecompanyhasfullandunlimitedliabilityforalltaxliabilitiesresultingfromthetaxunit.

Amsterdam,30May,2017

The Managing Board Mr. Gertjan Kampman

The Supervisory BoardMr.DominiqueCharpentier,Chairman Mr. Tom Kaars SijpesteijnMs. Marta Nodal MartínMr.JörgMüllerMr.MichelAbbink

Duringtheyear,thegroupenteredintoafinancialleasecontractwithOraclewithrespecttohard-andsoftwareforathreeyearterm.Aftertheendofthecontractterms,thegroupwillbecomeowneroftherelatedhardwareandsoftwarefor€10,-.Theleasedequipmentsecuresleaseobligations.

At31December2017,thenetcarryingamountoftheleasedequipmentwas€-(2016:€640)relatedtoboththesoftware(Intangibleassets)asthehardware(Tangibleassets)component. The principal of the lease contract amounts to €2,935whichincludes€55interesttobepaidoverthecontract term.

No securities are granted.

Financeleaseliabilitiesarepayableasfollows:7.Loansandborrowings

2017 2016 Future Present value Future Present value minimum of minimum minimum of minimum lease payments Interest lease payments lease payments Interest lease payments Less than 1 year - - - 269 8 261 Between 1and 5 years - - - - - -

- - - 269 8 261


1.StatutoryprofitallocationArticle32oftheArticlesofAssociationprovidesthat:

1. TheprofitisatthedisposaloftheGeneralMeeting of Shareholders.

2. Profitallocationcanonlytakeplacewithasmaximum thedistributablereserves.

3. Profitallocationtakesplaceafteradoptionofthe financialstatementsfromwhichitappearsthatprofit allocationispermissible.

2. Independent auditor’s reportFortheindependentauditor’sreportwerefertothenextpageof this report.

Other information



Independent auditor’s report

To: the General Meeting and the Supervisory Board of Graydon Holding N.V.

Reportontheaccompanyingfinancialstatements

Our opinion

Wehaveauditedthefinancialstatements2017ofGraydonHoldingN.V.,basedinAmsterdam.Thefinancialstatementsincludetheconsolidatedfinancialstatementsandthecompanyfinancialstatements.

In our opinion: • theaccompanyingconsolidatedfinancialstatements giveatrueandfairviewofthefinancialpositionof GraydonHoldingN.V.asat31December2016andofits resultanditscashflows2016inaccordancewith InternationalFinancialReportingStandardsasadoptedby theEuropeanUnion(EU-IFRS)andwithPart9ofBook2of theDutchCivilCode;• theaccompanyingcompanyfinancialstatementsgive atrueandfairviewofthefinancialpositionofGraydon HoldingN.V.asat31December2016andofitsresult 2016inaccordancewithPart9ofBook2oftheDutchCivil Code.

Theconsolidatedfinancialstatementscomprise:1. theconsolidatedstatementoffinancialpositionasat 31December2016;2. thefollowingconsolidatedstatements2016:the statementofprofitandlossandcomprehensiveincome statementofchangesinequityandcashflowstatement; and3. thenotescomprisingasummaryofthesignificant accountingpoliciesandotherexplanatoryinformation.

Thecompanyfinancialstatementscomprise:1. thecompanybalancesheetasat31December2016;2. thecompanyprofitandlossaccount2016;and3. thenotescomprisingasummaryoftheaccounting policiesandotherexplanatoryinformation.

Basis for our opinionWeconductedourauditinaccordancewithDutchlaw,includingtheDutchStandardsonAuditing.Ourresponsibilitiesunderthosestandardsarefurtherdescribedinthe‘Ourresponsibilitiesfortheauditofthefinancialstatements’section of our report.

WeareindependentofGraydonHoldingN.V.inaccordancewiththeWettoezichtaccountantsorganisaties(Wta,Auditfirmssupervisionact),the‘Verordeninginzakedeonafhankelijkheidvanaccountantsbijassurance-opdrachten’(ViO,CodeofEthicsforProfessionalAccountants,aregulationwithrespecttoindependence)andotherrelevantindependenceregulationsintheNetherlands.Furthermore,wehavecompliedwiththe‘Verordeninggedrags-enberoepsregelsaccountants’(VGBA,DutchCodeofEthics).Webelievethattheauditevidencewehaveobtainedissufficientandappropriatetoprovideabasisforouropinion.

Report on the other information included in the annual reportInadditiontothefinancialstatementsandourauditor’sreportthereon,theannualreportcontainsotherinformationthatconsists of:• reportoftheSupervisoryBoard;• reportoftheManagingBoard;• otherinformationpursuanttoPart9ofBook2ofthe Dutch Civil Code.

Basedonthefollowingproceduresperformed,weconcludethat the other information:• isconsistentwiththefinancialstatementsanddoesnot containmaterialmisstatements;• containstheinformationasrequiredbyPart9ofBook2of the Dutch Civil Code.

Wehavereadtheotherinformation.Basedonourknowledgeandunderstandingobtainedthroughourauditofthefinancialstatementsorotherwise,wehaveconsideredwhethertheother information contains material misstatements.

Byperformingtheseprocedures,wecomplywiththerequirementsofPart9ofBook2oftheDutchCivilCodeandtheDutchStandard720.Thescopeoftheproceduresperformed is less than the scope of those performed in our auditofthefinancialstatements.

ManagingBoardisresponsibleforthepreparationoftheotherinformation,includingtheManagingBoard’sreport,inaccordancewithPart9ofBook2oftheDutchCivilCode,andotherinformationpursuanttoPart9ofBook2oftheDutchCivil Code.


Descriptionoftheresponsibilitiesforthefinancialstatements

Responsibilities of Managing Board and the Supervisory BoardforthefinancialstatementsManagingBoardisresponsibleforthepreparationandfairpresentationofthefinancialstatementsinaccordancewithEU-IFRSandPart9ofBook2oftheDutchCivilCode.Furthermore,ManagingBoardisresponsibleforsuchinternalcontrolasManagingBoarddeterminesisnecessarytoenablethepreparationofthefinancialstatementsthatarefreefrommaterialmisstatement,whetherduetoerrorsorfraud.

Aspartofthepreparationofthefinancialstatements,ManagingBoardisresponsibleforassessingthecompany’sabilitytocontinueasagoingconcern.Basedonthefinancialreportingframeworksmentioned,ManagingBoardshouldpreparethefinancialstatementsusingthegoingconcernbasisofaccountingunlessManagingBoardeitherintendstoliquidatetheCompanyortoceaseoperations,orhasnorealisticalternativebuttodoso.ManagingBoardshoulddiscloseeventsandcircumstancesthatmaycastsignificantdoubtonthecompany’sabilitytocontinueasagoingconcerninthefinancialstatements.

Theresponsibleforoverseeingthecompany’sfinancialreporting process.

Our responsibilities for the audit of thefinancialstatementsOurobjectiveistoplanandperformtheauditassignmentinamannerthatallowsustoobtainsufficientandappropriateaudit evidence for our opinion.

Ouraudithasbeenperformedwithahigh,butnotabsolute,levelofassurance,whichmeanswemaynothavedetectedallmaterial errors and fraud during our audit.

Misstatements can arise from fraud or errors and are consideredmaterialif,individuallyorintheaggregate,theycouldreasonablybeexpectedtoinfluencetheeconomicdecisionsofuserstakenonthebasisofthefinancialstatements.Thematerialityaffectsthenature,timingandextentofourauditproceduresandtheevaluationoftheeffectofidentifiedmisstatementsonouropinion.

Wehaveexercisedprofessionaljudgementandhavemaintainedprofessionalscepticismthroughouttheaudit,inaccordancewithDutchStandardsonAuditing,ethicalrequirements and independence requirements. Our audit included e.g.:

• identifyingandassessingtherisksofmaterial misstatementofthefinancialstatements,whetherdueto errorsorfraud,designingandperformingauditprocedures responsivetothoserisks,andobtainingauditevidence thatissufficientandappropriatetoprovideabasisforour opinion.Theriskofnotdetectingamaterialmisstatement resulting from fraud is higher than for one resulting from errors,asfraudmayinvolvecollusion,forgery,intentional omissions,misrepresentations,ortheoverrideofinternal control;• obtaininganunderstandingofinternalcontrolrelevant to the audit in order to design audit procedures that are appropriateinthecircumstances,butnotforthe purposeofexpressinganopinionontheeffectivenessof theCompany’sinternalcontrol;• evaluating the appropriateness of accounting policies used andthereasonablenessofaccountingestimatesand relateddisclosuresmadebyManagingBoard;• concluding on the appropriateness of management’s use ofthegoingconcernbasisofaccountingandbasedonthe auditevidenceobtained,whetheramaterialuncertainty existsrelatedtoeventsorconditionsthatmaycast significantdoubtontheCompany’sabilitytocontinueas agoingconcern.Ifweconcludethatamaterialuncertainty exists,wearerequiredtodrawattentioninourauditor’s reporttotherelateddisclosuresinthefinancialstatements or,ifsuchdisclosuresareinadequate,tomodifyour opinion.Ourconclusionsarebasedontheauditevidence obtaineduptothedateofourauditor’sreport.However, future events or conditions may cause the company ceasingtocontinueasagoingconcern;• evaluatingtheoverallpresentation,structureandcontent ofthefinancialstatements,includingthedisclosures;and• evaluatingwhetherthefinancialstatementsrepresentthe underlying transactions and events in a manner that achieves fair presentation.


Becauseweareultimatelyresponsiblefortheopinion,wearealsoresponsiblefordirecting,supervisingandperformingthegroupaudit.Inthisrespectwehavedeterminedthenatureandextentoftheauditprocedurestobecarriedoutforgroupentities.Decisivewerethesizeand/ortheriskprofileofthegroupentitiesoroperations.Onthisbasis,weselectedgroupentitiesforwhichanauditorreviewhadtobecarriedoutonthecompletesetoffinancialinformationorspecificitems.Wecommunicatewiththosechargedwithgovernanceregarding,amongothermatters,theplannedscopeand

timingoftheauditandsignificantauditfindings,includinganysignificantfindingsininternalcontrolthatweidentifyduringour audit.

Maastricht,30May2018

KPMGAccountantsN.V.H. Urlings RA


Graydon Holding N.V.Hullenbergweg2601101BVAmsterdamThe NetherlandsTelephone: +31205679768Fax: +31206913520Email: [email protected]: www.graydon.nl

Graydon Nederland B.V.Hullenbergweg2501101BVAmsterdamThe NetherlandsTelephone: +31205679999Fax: +31206963639Email: [email protected]: www.graydon.nl

Graydon Incasso B.V.Hullenbergweg2501101BVAmsterdamThe NetherlandsTelephone: +31205679768Fax: +31206913520

OpenCompanies B.V.Hullenbergweg2501101BVAmsterdamThe NetherlandsTelephone: +31205679999Fax: +31206963639Website: www.opencompanies.nl

Graydon Belgium N.V.Uitbreidingstraat84Bus12600BerchemBelgiumTelephone: +3232808800Fax: +3232808899Email: [email protected]: www.graydon.be

Graydon UK Ltd.2ndFloorHygeiaBuilding66 College RoadHarrowMiddlesexHA11BEUnited KingdomTelephone: +442085151400Fax: +442085151499Email: [email protected]: www.graydon.co.uk

Giant-NetB.V.Hullenbergweg2601101BVAmsterdamThe NetherlandsTelephone: +31205679702Fax: +31206913520


Addresses


#wearegraydon


Graydon Holding N.V.Hullenbergweg2601101 BV AmsterdamThe Netherlands

Entered in the Trade Registry of the Amsterdam Chamber of Commerce under number 33189409

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